Lexion, a Seattle, WA-based provider of an AI-powered solution for managing contracts, raised $4.2m in seed funding.
Backers included Madrona Venture Group, and Wilson Sonsini Goodrich & Rosati.
The company intends to use the funds to continue to expand operations and its business reach.
Developed at the Allen Institute for Artificial Intelligence (AI2) and founded by serial entrepreneur Gaurav Oberoi, AI technology leader Emad Elwany, and engineering veteran James Baird, Lexion allows legal teams track key obligations in their contracts automatically and without slow and expensive document review. The system is aimed at high-growth emerging companies, and established players that typically have dozens to thousands of customer, vendor, and employee agreements to manage, but often lack the resources to do so.
The company’s platform can ingest all of a company’s contracts, automatically extract dozens of key terms, and deliver an organized repository of agreements that can be filtered, sorted, and searched across, all in a matter of hours.
The proprietary natural language processing (NLP) engine can rapidly be trained to extract previously unseen clauses or new document types, ranging from insurance agreements to commercial real estate documents.