Israel’s AI-Powered Legal Startup LawGeex Raises $21M
April 18, 2018 | Israeli contract review automation startup LawGeex announced Tuesday it had closed a $12 million Series B funding round, bringing their total funding to $21.5 million, a statement said. The funding round was led by venture capital fund Aleph. Lool Ventures also participated in the round. LawGeex’s software-as-a-service (SaaS) platform uses artificial intelligence to automate, review and approve the legality of business contracts before they are signed. According to a study conducted in February in collaboration with top academics at leading universities, LawGeex’s AI platform achieved an accuracy of 94 percent in its capability of spotting risks in business contracts, while US lawyers only achieved an average of 85 percent. While it took 92 minutes for the participating lawyers to complete all five NDAs, it only took LawGeex AI 26 seconds, the study said. Founded in 2014 by CEO Adv. Noory Bechor and AI specialist Ilan Admon, the startup has offices in Tel Aviv and New York and clients that include eBay and Farmers Insurance.