AI-powered contract management and operations workflow platform Lexion recently announced it had secured a $20 million Series B funding round led by Point72 Ventures, with participation from Citi Ventures, and existing investors Khosla Ventures, Madrona Venture Group and Wilson Sonsini. This latest investment brings the total amount raised to more than $35 million, Lexion announced in a news release.
Lexion, founded in 2018, was developed at the Paul Allen Institute for Artificial Intelligence as a contract management system for lawyers, and since then, its artificial intelligence and automation capabilities have gained traction across multiple disciplines, including sales, procurement, finance and technology.
The company’s leaders expect to use this latest cash injection to accelerate its development of AI-based tools.
” We’ve proven how award-winning AI and no-code automation can accelerate legal tasks, but we’ve also seen other divisions adopting the software,” Gaurav Oberoi, Lexion’s CEO, said in the news release. “Now we’re accelerating sales cycles, vendor agreements, security reviews, RFPs, and even employment offers for departments where legal is not directly involved.”