Lexion raises $4.2M to bring AI to contract management
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Contract management isn’t exactly an exciting subject, but it’s a real pain point for many companies. It also lends itself to automation, thanks to recent advances in machine learning and natural language processing. It’s no surprise then, that we see renewed interest in this space and that investors are putting more money into it. Earlier this week, Icertis raised a $115 million Series E round, for example, at a valuation of more than $1 billion. Icertis has been in this business for ten years, though. On the other end of the spectrum, contract management startup Lexion(https://lexion.ai/) today announced that it has raised a $4.2 million seed round led by Madrona Venture Group(https://www.madrona.com/) and law firm Wilson Sonsini Goodrich & Rosati(https://www.wsgr.com/WSGR/Default.aspx), which was also one of the first users of the product.
Lexion(https://lexion.ai/) was incubated at the Allen Institute for Artificial Intelligence (AI2), one of the late Microsoft co-founders’ four scientific research institutes. The company’s co-founder and CEO, Gaurav Oberoi, is a bit of a serial entrepreneur, whose first startup, BillMonk, was first featured on TechCrunch back in 2006(https://techcrunch.com/2006/01/20/billmonk-social-money/). His second go-around was Precision Polling(https://techcrunch.com/2010/01/13/precision-polling-is-a-survey-monkey-for-the-phone/), which SurveyMonkey then acquired shortly after it launched. Oberoi founded the company together with former Microsoft