Today we announced a $20 million Series B funding round led by Point72 Ventures with participation from Citi Ventures. We’re thrilled to have continued support from our existing investors, Khosla Ventures, Madrona Venture Group, and Wilson Sonsini.
We’re even more excited about what this means for our customers.
As Sri Chandrasekar, Managing Director at Point72 Ventures, explained: “Lexion’s investment in AI, paired with the team’s technical, product, and operations expertise, positions the company well for broader adoption and cross-departmental expansion. We're excited to support the team as they continue to innovate in the operations space.”
Helping every team get deals done faster
Lexion set out to support happy, productive, and valued legal teams—but it’s become a lot more.
As Lexion has grown, we’ve proven how award-winning AI and no-code automation can accelerate legal tasks and we’ve demonstrated the value of an intuitive interface with features that all business departments need.
Because of this, other teams besides legal have fallen in love with Lexion too. Sales teams love how Lexion helps them close deals in less time. Procurement loves how easy it is to manage vendor contracts. Finance loves the streamlined reporting and revenue recognition. Now we're accelerating sales cycles, vendor agreements, security reviews, RFPs, and even employment offers for departments where legal is not directly involved.
Lexion acts like a workflow system for all operations teams, enabling them to get work done faster.
In 2022, we tripled our revenue for the third year in a row by expanding our customer base to include clients from various industries—including B2B, healthcare, manufacturing, and gaming. We’ve seen this growth in spite of the challenges in our industry (bank runs, layoffs, overinflated valuations, etc.) because we’ve continued to focus on customers, innovation, and business fundamentals.
Lexion customers continuously tout our easy implementation and low change management (we even won some recent awards for it).
Sam Lee, Director of Legal at Outreach, said that easy adoption has been huge for cross-departmental collaboration in their company: “Sales folks are doing their own due diligence first, and Lexion helps them find what they're looking for. They don’t even notice there’s a new software—they’re just in there using it.”
Continuing to create AI-driven business solutions
One of the big ways we’re helping every team do business faster is through our best-in-class AI solution. Lexion was born at the Allen Institute for AI as an answer to the question “How do we take bleeding-edge innovations and bring them into products that actually help people get their jobs done?”
For us, AI isn’t just hype—it’s our past, our present, and our future.
When OpenAI released davinci-003 last November, we already had a use case for Lexion. We’d been experimenting with GPT-3 for a year and, right away, we saw much better results. Within a few weeks, we rolled out a new plugin to our customers: AI Contract Assist.
These are the kinds of technological solutions that this round of funding will help us to provide to operations teams. Our goal is to help lawyers save 80% of their time spent redlining contracts and then continue to extend this efficiency boost to sales teams filling out RFPs, IT teams completing security questionnaires, and more.
Kanu Gulati, partner at Khosla Ventures, said “Lexion’s team…is well positioned to take advantage of newer AI generative capabilities to bring greater automation across businesses.”
We’ve made a habit of listening to customers—from the beginning—and we’ll continue to do so as we expand on our AI-powered contract solution and build a full-fledged operations workflow platform. At Lexion, culture obsession means that our customers are actively engaged with the product every day and it’s how we stay so tightly aligned with them.
To our customers and supporters, thank you
We couldn’t let this moment in our story pass without saying a huge thank you to our customers, investors, and friends.
To our customers, this is a celebration of you as much as it is a celebration of us. You have helped inform our product roadmap at every turn and we’ve heard you, again.
To our investors, thank you for believing in what we’re building and for supporting us at a time when every team is being asked to do more with less.
To our friends and families, we couldn’t do this without you. Thanks for being a critical part of the team.
Our story is just beginning, and you’ll love the next chapter.
Read the press release, GeekWire exclusive, or sign up for your demo here.