Lexion offers an AI-powered contract management and operations workflow platform that streamlines and centralizes contracting processes for cross-functional teams. Its artificial intelligence and automation capabilities are designed to accelerate legal work and streamline processes across sales, procurement, finance, and technology. Led by CEO Gaurav Oberoi, the company intends to expand its offering to serve legal, sales, procurement, finance, HR, and IT teams across industries. In 2022 Lexion tripled its revenue for the third consecutive year and grew its customer base to hundreds of corporate clients across sectors including B2B technology, healthcare, consumer goods, manufacturing, and gaming. The company plans to deploy the new funding to broaden product coverage and support adoption across additional enterprise teams. Lexion provides an NLP-driven contract management platform that converts contracts into structured data in a searchable repository with reporting, alerts, permissions, and integrations (Slack, Teams, Salesforce, Coupa). The product extracts clauses, dates, and terms across many contract types using over 125 trained machine-learning models and addresses OCR, tabular data, and handwriting. The company also offers legal support services to help firms increase efficiency and recognize more revenue. Lexion plans to release a workflow module in Q3 to manage contract intake, negotiations, approvals, and signatures based on feedback from more than 50 legal customers. The platform now has tens of thousands of users and reported a 400% revenue increase in the past six months. Management expects to triple revenue over the next year while expanding headcount from 31 to more than 60 employees. Lexion builds contract-management software that applies machine learning and natural language processing to automate contract review and provide visibility into contractual obligations. The company was incubated at the Allen Institute for Artificial Intelligence (AI2) and was founded by CEO Gaurav Oberoi alongside Emad Elwany and James Baird. Lexion positions itself to serve the mid-market, working with companies from post-seed/post-Series A stages up to publicly traded firms. The team emphasizes security as part of its product development lifecycle, with every new feature undergoing security review. Lexion plans to use its new funding to further develop its product—particularly its AI engine—and to expand go-to-market and sales efforts.

Total raised

$35M

Funding rounds

3

Latest round

Series B

Latest activity

Apr 2023