Contract Lifecycle Management Provider Lexion Raises $20M in Series B Funding Round

Contract Lifecycle Management Provider Lexion Raises $20M in Series B Funding Round Led by Point72 Ventures and Citi Ventures

Lexion, a contract lifecycle management (CLM) provider, has raised $20 million in a series B funding round led by Point72 Ventures and new investors Citi Ventures. Existing investors, including Wilson Sonsini Goodrich & Rosati, Madrona Venture Group, and Khosla Ventures, who participated in Lexion’s July 2021 series A funding round, also joined the latest investment. With this round, Lexion has raised over $35 million since its 2019 seed funding.

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Lexion plans to utilize the new funding in three ways. Firstly, it aims to expand its go-to-market strategy by bringing more sales and marketing teams. Secondly, the company will continue to invest in its AI capabilities. Lexion started as an AI company from the Allen Institute for AI and intended to leverage its AI capabilities further. Lexion plans to extend its reach beyond legal teams to other departments, including sales operations, HR, finance, and IT.

Lexion to Expand Go-to-Market Strategy and Invest in AI Capabilities to Reach Beyond Legal Teams to Other Departments

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Point72 Ventures Managing Partner Sri Chandrasekar will join Lexion’s board. He explained that Lexion’s investment in A and its technical, product, and operations expertise positions the company well for broader adoption and cross-departmental expansion.

Lexion stands out in the CLM market with AI that provides real value and is highly practical to clients' workflows. The company meets its users where they already work by leveraging email-based intake and integrations with platforms such as Microsoft Word, Slack, Teams, and Salesforce. Lexion also focuses on fast time-to-value by making it incremental to add complexity and no-code and self-service.

Lexion’s new investment comes after a year of exponential growth, which saw the company tripling its revenue. In comparison, CLM provider SpotDraft also raised $26 million in a series A funding round in March.