Lexion focuses on contract management in the legal technology industry. The company offers a contract management system that helps streamline contract workflows, automate repeat work, and centralize contracts in one place using artificial intelligence (AI). Lexion primarily sells to sectors such as sales, legal, procurement, human resource (HR), and information technology (IT). It was founded in 2018 and is based in Seattle, Washington.
Lexion's Product Videos
ESPs containing Lexion
The ESP matrix leverages data and analyst insight to identify and rank leading companies in a given technology landscape.
The contract lifecycle management (CLM) market involves managing contracts from creation to renewal or termination. CLM solutions help organizations to streamline and automate the contract process, from drafting and negotiation to signature and compliance. The market has seen growth in recent years as contracts become more complex and as the need for compliance and risk management grows. CLM solut…
Lexion's Products & Differentiators
Lexion Workflow is an intuitive intake, automation, and task management platform that helps businesses get deals and contracts done fast. Its native, email-driven intake and workflows make capturing and managing requests simple. No-code automation makes it easy to streamline approval capture, document generation, stakeholder management, gathering signatures, and more—automatically. Workflow puts the power of GenAI inside Microsoft Word with AI Contract Assist, an AI-powered co-pilot to automate contract review and accelerate redlining. The platform also increases visibility into current tasks and deal KPIs and metrics for stakeholders across your organization to ease collaboration across teams and businesses.
Expert Collections containing Lexion
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Lexion is included in 2 Expert Collections, including Artificial Intelligence.
Companies developing artificial intelligence solutions, including cross-industry applications, industry-specific products, and AI infrastructure solutions.
The winners of the 4th annual CB Insights AI 100.
Latest Lexion News
Dec 7, 2023
Press Release• Dec 7, 2023 12:00 EST The leading complaint from sales is that contracts are not returned quickly enough – slowing negotiations and resulting in lost revenue – but AI offers a path forward SEATTLE, December 7, 2023 (Newswire.com) - Today Lexion , an AI-powered contract management system, announced the results of its second annual survey of legal professionals on the current state of technology adoption. Results were published in the report ‘ The State of Legal Technology: Accelerated Contract Management Leads to Increase Sales ,’ and respondents surfaced a number of unexpected insights into how legal tech and AI adoption is impacting sales cycles. “Last year our survey offered insight into macro trends in technology adoption as companies were grappling with economic headwinds,” said Gaurav Oberoi, cofounder and CEO, Lexion. “This year – while AI adoption continues to accelerate – the most intriguing finding is an apparent divide between legal and sales departments. Contract review remains tedious, slow and costly as organizations grapple with approval processes that take far longer than they should. To alleviate this pain point, and with recent advances in AI, legal and sales professionals increasingly turn to tech to close deals faster while also mitigating risk.” Key findings from Lexion’s survey include: Sales thinks contract review is much slower than Legal does. While 82% of legal respondents indicate that contract reviews and approvals take 5 days or less, just 59% of sales respondents agreed with that timeframe. Respondents indicated that the leading complaint from sales teams – by nearly two to one – is that contracts are not returned quickly enough. This underscores an underlying tension between sales and legal departments. With recent technical advances, however, organizations are more receptive to adopting AI solutions, which is key to mitigating this pain point. Lack of resources, as well as being buried in lower-value tasks, were indicated as the two primary factors preventing respondents from doing their jobs well. This dovetails into the top benefits expected from using AI across both sales and legal departments: completing work more quickly and efficiently, as well as removing repetitive tasks. Respondents included hundreds of general counsel, senior counsel, associate counsel, paralegals, contract managers and legal administrators – as well as sales managers – across a wide array of industries. “This year’s survey shows that organizations are increasingly willing to adopt AI to bolster organizational efficiencies,” said David Wang, chief innovation officer at Wilson Sonsini. “We’ve reached a tipping point in AI evolution, as nearly half of respondents – in a traditionally conservative field when it comes to tech adoption – plan to incorporate AI into their workflow processes. And a significant percentage are already using AI today.” To overcome the barriers between legal and sales, and to help create harmony between teams, Lexion published a free five-step sales checklist , as well as a free ebook that provides insights into how sales and legal can cut the entropy and focus on wins . Additionally, the following webinars are available for free: About Lexion We built Lexion at Microsoft co-founder Paul Allen’s artificial intelligence research institute (AI2) and are backed by the same investors that funded OpenAI (Khosla Ventures), helped launch Amazon (Madrona Venture Group), and have advised Google (Wilson Sonsini). With a top notch and experienced team from Microsoft, Facebook, Google, and Amazon, we built a company that CB Insights ranked the #1 most promising AI legal tech startup in the world two years in a row (2020, 2021). Lexion is a Top 40 Intelligent Application based on votes from Goldman Sachs, Madrona, Khosla Ventures, Andreessen Horowitz, Sequoia Capital, and many of the top AI investors in the world. Most importantly, fantastic brands trust Lexion to manage their contracts: Outreach, OfferUp, Blue Nile, Apptio, Brooks, and many more. Visit https://lexion.ai for more.
Lexion Frequently Asked Questions (FAQ)
When was Lexion founded?
Lexion was founded in 2018.
Where is Lexion's headquarters?
Lexion's headquarters is located at 113 Cherry Street, PMB 65390., Seattle.
What is Lexion's latest funding round?
Lexion's latest funding round is Series B.
How much did Lexion raise?
Lexion raised a total of $35.2M.
Who are the investors of Lexion?
Investors of Lexion include Madrona Venture Group, Wilson Sonsini Goodrich & Rosati, Khosla Ventures, Citi Ventures, Point72 Ventures and 4 more.
Who are Lexion's competitors?
Competitors of Lexion include IntelAgree, ContractPodAi, SirionLabs, Icertis, Evisort and 7 more.
What products does Lexion offer?
Lexion's products include Workflow and 2 more.
Who are Lexion's customers?
Customers of Lexion include Cart.com, FOX Factory and D4C Dental Brands.
Compare Lexion to Competitors
ContractPodAi offers an end-to-end solution offering contract management services including contract generation, contract repository, and third-party review. Its contract management software provides advanced contract lifecycle management solutions. The company was founded in 2012 and is based in London, United Kingdom.
Evisort focuses on artificial intelligence (AI) powered contract management. The company offers services that simplify contract management at every stage, including drafting, negotiating, analyzing, reporting, managing, automating, and collaborating, primarily selling to the legal, procurement, operations, sales, finance, and information technology (IT) sectors of the economy. Evisort was formerly known as Evisit. It was founded in 2016 and is based in San Francisco, California.
Malbek is a company that focuses on providing Contract Lifecycle Management (CLM) solutions, operating within the technology and software industry. The company offers a range of products that help businesses manage their contracts from creation to completion, including AI-powered insights and recommendations, seamless integration with other business applications, and tools to improve efficiency and mitigate risk. Primarily, Malbek's services are utilized by sectors such as legal, sales, finance, and procurement. It was founded in 2017 and is based in Somerset, New Jersey.
Icertis operates as a company focused on contract lifecycle management (CLM) in the technology sector. It offers an artificial intelligence (AI)-powered platform that transforms contracts from static documents into strategic assets by structuring and connecting critical contract information, thereby influencing how an organization operates. It primarily serves the technology and business sectors. The company was founded in 2009 and is based in Bellevue, Washington.
LinkSquares provides artificial intelligence contract analytics software designed to help legal and finance teams. It offers solutions such as crisis management, contract review, contract storage, data privacy and compliance, deal acceleration, and more. The company was founded in 2015 and is based in Boston, Massachusetts.
SirionLabs provides contract lifecycle management solutions. The company offers a configurable smarter contracting platform to bring legal, procurement, sales, and business teams together to author stronger contracts, improve risk management, and strengthen counterparty relationships. The company was founded in 2012 and is based in Bellevue, Washington.