Israeli online contract review platform LawGeex announced today $2.5 million in funding from Lool Ventures and LionBird and angel investors Eilon Tirosh and Rami Lipman. The startup has also launched its online contract review solution free of charge for consumers. Using machine learning, the Israeli startup sets out to "out-lawyer" the lawyers.
LawGeex allows consumers to upload any type of contract to its platform and receive, within 24 hours, an in-depth report of what’s good, bad and even missing from their contract. Currently reviewing over 20 types of contracts, the free solution begins with employment agreements, with more contract types to be offered for free in the near future.
LawGeex cofounder and CEO Noory Bechor said, “The driving force behind LawGeex is the belief that no one should sign a contract that they don’t fully understand. An astounding 33% of Americans need a lawyer every year but do not hire one, either because they can’t afford to or did not know where to turn. This ultimately leads to one-sided negotiations and unfair results. LawGeex has already earned the trust of thousands of users while ensuring quality and transparency, leveling the playing field when it comes to contract negotiations. Our machine learning platform has already reviewed over tens of thousands of contracts, many of which are employment contracts from some of the world’s largest tech companies such as Apple, Google, and Facebook. We make sure all employees get a fair deal.”
Once uploaded, LawGeex uses automated machine-learning technology, text analytics, and crowdsourcing to compare a contract against a database of thousands of similar contracts, red-flagging anything that a user should pay extra attention to and providing statistics and benchmarks. With a plain English explanation of which clauses may be unusual or problematic, and what common clauses are missing, LawGeex ensures that its users understand exactly what they’re agreeing to before they sign, helping them negotiate smarter.
“LawGeex is our go-to solution for quick contract review, allowing us to minimize legal expenses and keep business moving quickly. We are able to even more efficiently and accurately review contracts at scale,” said Dylan Marvin, General Counsel of Brandwatch. “With their combination of robust technology and legal expertise, LawGeex gives me the peace of mind that Brandwatch is in good hands.”
LawGeex combines machine learning algorithms with crowd-sourced data, text analytics, and the knowledge of expert lawyers to make in-depth contract reviews accessible to everyone. By providing a plain English explanation of what clauses may be unusual, problematic or missing, LawGeex ensures that people understand exactly what they’re agreeing to before signing, helping them negotiate a better deal. Founded in 2014 in Israel by international lawyer Noory Bechor and leading AI expert Ilan Admon, LawGeex is revolutionizing the way people review contracts today and empowers them to make better legal decisions. LawGeex is bringing legal back to the people.
Published by Globes [online], Israel business news - www.globes-online.com - on April 19, 2016
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