Investing in Lexion, an AI-Powered Operations Workflow and Contracting Platform
In the 2020s, business operations are undergoing a vast digital transformation in the face of the rise of remote work and the rapid advance of AI. Even industries that have historically been slow to give up paper workflows are hurrying to adopt digital tools to ease bottlenecks and cut down on repetitive, error-prone manual processes. It’s no surprise, then, that the workflow automation market, currently estimated at $10 billion, is expected to hit $78 billion by 2030.
Given this steep growth trajectory, we’re excited to announce our recent investment in Lexion, an AI-powered end-to-end operations workflow and contracting platform. Our investment comes alongside Point72 Ventures, Khosla Ventures, Madrona Venture Group and Wilson Sonsini.
Combining the strengths of a traditional document workflow tool with a leading contract lifecycle management (CLM) system, Lexion’s solution meets the needs of this digital transformation — and goes well beyond them — via innovative features such as:
- No-code automation: Lexion helps businesses easily automate workflows based on key deal details — assigning task ownership, routing for the necessary approvals and more without needing manual triggers.
- Robust document intelligence: Powered by its homegrown natural language processing (NLP) platform, Lexion’s “intelligent repository” can read and extract key terms, enable quick search on thousands of contracts (e.g., searching all contracts affected by a regulatory change) and automate reporting.
- Seamless integration with email and collaboration tools: Lexion’s frictionless UX enables anyone in an organization to engage with it from the tools they’re already using, without any training or change in their routine. This facilitates the widespread adoption of Lexion’s solutions within a company, something that its competitors have found difficult to achieve.
But Lexion is not resting on its laurels — on the contrary, it’s continually innovating in the contracting tech space. For example, its new GPT-3–powered AI Contract Assist™ solution helps employees draft clean, defensible legal language instantly by giving relevant inline suggestions upon request, helping with redlining and automatically pulling approved language from a company’s clause library to save time.
This level of innovation should come as no surprise, considering that the Lexion team has deep experience in product and AI. CEO and co-founder Gaurav Oberoi previously co-founded BillMonk and Precision Polling — which was acquired by SurveyMonkey, where Gaurav served as VP of Product. Meanwhile, CTO and co-founder Emad Elwany was an AI researcher at Microsoft Research, focusing on core NLP products for the enterprise.
All told, Lexion provides enterprises across industries from software to healthcare with a powerful tool for process automation and digitization. We congratulate Gaurav, Emad and the entire Lexion team on their success thus far and look forward to a fruitful partnership for many years to come.