Lexion secures $11 million in funding round to amplify its CLM platform
Lexion, an AI-powered contract management system, is receiving $11 million in a Series A funding round, allowing the company to scale go-to-market functions, drive further AI and product innovation, and grow the team, with a mission to offer a simple contract lifecycle management system (CLMs) that just works.
The funding round was led by Khosla Ventures, with participation from existing investors Madrona Venture Group and Wilson Sonsini, bringing the total invested to $15.2 million. Kanu Gulati from Khosla Ventures will join Lexion's board.
Many CLMs on the market are complex, require an extensive amount of time and resources to implement, and a significant amount of change management to derive meaningful value.
Lexion offers the opposite by delivering an intuitive system supported by a cutting-edge, AI-powered backend, that is simple enough for entire organizations to adopt, and takes just days to implement, according to the vendor.
“What makes Lexion special, in this rapidly growing industry, is that it’s a sophisticated AI product that’s incredibly easy to use, accurate, and fast, and eliminates rote work by automatically pulling these key data points from contracts,” said “The result is that legal teams spend a fraction of the time on administrative tasks, and more time helping their teammates in sales, finance, and procurement win deals and grow the business.”
Next, the company is expanding its offering to help legal teams manage the entire contracting process. Lexion is rolling out a new workflow module that allows customers to create customized intake forms, track the status of projects, manage drafts, secure approvals, and report on KPIs.
Scheduled for full general availability in Q3 2021, Lexion’s end-to-end solution will serve as the hub for data driven legal teams to manage contracts from start to finish, with their signature focus on simplicity and easy adoption.
For more information about this news, visit https://lexion.ai/.