Lawgeex, the Israel-based contract review platform developer backed by human resources firm Recruit, has completed a $12m round led by venture capital fund Aleph.
The round also featured existing investors, though the only one specifically identified by Lawgeex was VC firm Lool Ventures. It increased the total raised by the company to $21.5m since it was founded in 2014.
Lawgeex has created software that uses artificial intelligence to scan and review legal and business contracts. It will put the funds toward product development and expansion in the US, which will be supported by the opening of an office in New York recently.
Noory Bechor, LawGeex co-founder and chief executive, said: “We help businesses run faster and better by automatically answering one simple question: ‘Can I sign this?’.
“Customers who once waited weeks to get a simple contract approved can now complete the entire review and approval process in under 60 minutes. Legal teams can finally focus on the big picture instead of getting lost in paperwork.”
Eden Shochat, a partner at Aleph, will join LawGeex’s board of directors. LawGeex received $2.5m in a late 2016 seed round backed by Lool Ventures and LionBird, both of which returned for a $7m series A in March 2017 that included Recruit.