Law SaaS Platform Raises $12 Million in New Funding

LawGeex, a contract review automation platform for businesses, closed a $12 million funding round led by venture capital fund, Aleph. Previous investors, including Lool Ventures, also participated in this round.

According to the company, the SaaS platform is disrupting the $700 billion legal services market by using AI to review and approve everyday business contracts before signing. In a study carried out in collaboration with academics at leading universities, LawGeex’s AI bested U.S. lawyers by accurately spotting risks in everyday business contracts with 94 percent accuracy, while the lawyers achieved an average of 85 percent.

The additional capital will be used by LawGeex to deepen its product offering and open its New York office.