Israeli artificial intelligence (AI) legal contract platform developer LawGeex today announced the closing of a $12 million Series B financing round led by Aleph venture capital fund and with the participation of previous investors including Lool Ventures. LawGeex has raised $21.5 million to date.
The company's AI platform help[s business analyze and approve legal contracts, a process that LawGeex describes as a 'bottleneck'.
The latest financing round comes two months after LawGeex's AI platform successfully identified risks in non-disclosure agreement (NDA) contracts more accurately than US lawyers. The announcement was based on research in collaboration with academics, which found that LawGeex's technology was accurate in 94% of cases compared with an average of 85% with actual lawyers. Moreover, an average lawyer takes 92 minutes to check a contract compared with just 26 seconds by LawGeex's platform.
LawGeex was founded by CEO Adv. Norry Bechor and AI expert Ilan Admon. Bechor said, "We allow businesses to work faster and better with an automatic response to the question 'Can we sign this?'
With the latest investment, LawGeex, which has 40 employees in its Tel Aviv and New York offices, plans doubling its work force. LawGeex has clients in 15 states including e-Bay, Farmers Insurance, and French bank Natixis.
Published by Globes [online], Israel business news - www.globes-online.com - on April 17, 2018
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