Lexion, a Seattle-based company, has raised $20 million in Series B funding to expand its AI-powered contract management and operations workflow platform. Point72 Ventures led the funding round, with participation from Citi Ventures and existing investors Khosla Ventures, Madrona Venture Group, and Wilson Sonsini. The total funding for Lexion now exceeds $35 million. Sri Chandrasekar, Managing Partner at Point72 Ventures, will be joining Lexion’s board.
Lexion’s operations workflow platform streamlines and centralizes the contracting process for legal, sales, procurement, finance, HR, and IT teams across industries. Its artificial intelligence and automation capabilities have accelerated legal work and streamlined processes across multiple disciplines.
In 2022, Lexion experienced significant growth, with its revenue tripling for the third year in a row. The company expanded its customer base to include hundreds of corporate clients from various industries, such as B2B technology, healthcare, consumer goods, manufacturing, and gaming. Lexion is now expanding its offering to serve legal, sales, procurement, finance, HR, and IT teams across every industry.
Lexion was founded in 2018, and its leaders hope to use this latest cash injection to accelerate the development of AI-based tools. CEO Gaurav Oberoi said in a news release: “We are now accelerating sales cycles, vendor contracts, security reviews, RFPs, and even job offers for departments where legal is not directly involved.”
The funding round led by Point72 Ventures is significant for Lexion as it enables the company to expand its market reach and further develop its technology. The addition of Chandrasekar to the board will also provide valuable insights and expertise as Lexion continues to grow.
