Lexion CLM Platform
A Lexion CLM Platform is a Contract Lifecycle Management Platform created by Lexion Corp..
- Context:
- Website: https://www.lexion.ai
- It can leverage Artificial Intelligence to optimize and automate contract management processes.
- It can automate Contract Management Processes through AI-driven features, reducing manual efforts and enhancing operational efficiency.
- It can integrate with tools like DocuSign, Salesforce, and others to facilitate seamless Interoperability and Workflow Automation.
- It can extract and track key contract elements such as terms, dates, and obligations, using its AI-Powered Contract Repository.
- It can generate template documents using No-Code Tools, empowering users to create contracts without programming skills.
- It can enhance Contractual Visibility and Risk Management by providing detailed insights into contractual obligations and statuses.
- ...
- Example(s):
- Lexion Platform, 2024-05-07 when they were acquired by Docusign.
- ...
- Counter-Example(s):
- See: Contract Management System, Artificial Intelligence in Business, Workflow Automation, Document Automation, Contract Review System, Smart Contract.
References
2024a
- (StartuP Hack, 2024) ⇒ https://startuphack.tech/docusign-takes-over-lexion/ Retrieved: 2024-05-18.
- QUOTE: DocuSign shared news on Monday that it’s acquiring Lexion, a startup specializing in contract workflow automation, for $165 million. This move aligns with DocuSign's growing interest in the contract management sector, underscored by its recent launch of DocuSign IAM, a service designed to streamline various aspects of corporate agreement creation and negotiation.
Lexion, incubated at the Allen Institute for Artificial Intelligence (AI2), was co-founded by Gaurav Oberoi, Emad Elwany, a former lead engineer at Microsoft Research, and James Baird, an experienced engineer. Oberoi had previously co-founded Precision Polling, a survey platform that was quickly snapped up by SurveyMonkey after its launch.
Initially, Lexion served as a “smart” contract repository, enabling legal teams to ask natural language questions about documents. Over time, it expanded its toolset to address a range of use cases and challenges in document creation, catering not just to legal departments, but also to sales, IT, HR, and finance teams.
Before being acquired, Lexion had successfully raised $35.2 million in venture capital from investors such as Khosla Ventures, Madrona, and Point72 Ventures.
- QUOTE: DocuSign shared news on Monday that it’s acquiring Lexion, a startup specializing in contract workflow automation, for $165 million. This move aligns with DocuSign's growing interest in the contract management sector, underscored by its recent launch of DocuSign IAM, a service designed to streamline various aspects of corporate agreement creation and negotiation.
2024
- (ChatGPT-OpenAI, 2024) ⇒ Prompt: Summarize the concept Lexion CLM Platform in 1- 2 paragraphs. ChatGPT (model:gpt-4-turbo-preview). Retrieved: 2024-05-18.
- QUOTE: The Lexion Contract Lifecycle Management (CLM) Platform is a sophisticated and comprehensive solution designed to streamline and automate every aspect of contract management for businesses and organizations. This platform utilizes advanced artificial intelligence and machine learning technologies to facilitate the creation, negotiation, signing, renewal, and data analysis of contracts. By automating these processes, Lexion CLM significantly reduces manual effort and errors, enhances compliance, and accelerates contract cycles.
One of the key features of the Lexion CLM Platform is its ability to provide deep insights into contract data, helping businesses make informed decisions and identify opportunities for optimization. The platform's intuitive interface and integration capabilities with other business tools ensure a seamless workflow, making it easier for legal, sales, procurement, and finance teams to collaborate effectively. As a result, the Lexion CLM Platform empowers organizations to manage risk better, improve operational efficiency, and foster stronger relationships with partners and customers by ensuring that contractual agreements are handled efficiently and effectively.
- QUOTE: The Lexion Contract Lifecycle Management (CLM) Platform is a sophisticated and comprehensive solution designed to streamline and automate every aspect of contract management for businesses and organizations. This platform utilizes advanced artificial intelligence and machine learning technologies to facilitate the creation, negotiation, signing, renewal, and data analysis of contracts. By automating these processes, Lexion CLM significantly reduces manual effort and errors, enhances compliance, and accelerates contract cycles.
2024c
- Perplexity
- Lexion is an AI-powered contract lifecycle management (CLM) platform designed to help legal teams, sales teams, procurement teams, and other business operations teams streamline and automate their contract processes.(1)(2)(3)
Some key features of Lexion include:
- AI-based contract repository that automatically extracts and tracks key terms, dates, and obligations from contracts.(1)(3)
- Workflow automation tools to route contracts for review, approval, and e-signature without manual effort.(3)
- Integration with popular tools like DocuSign, Salesforce, and others for seamless collaboration.(1)(3)
- Ability to generate templated documents and contracts with no-code tools.(3)
- Lexion is an AI-powered contract lifecycle management (CLM) platform designed to help legal teams, sales teams, procurement teams, and other business operations teams streamline and automate their contract processes.(1)(2)(3)
- Lexion aims to accelerate deal cycles, minimize legal bottlenecks, provide visibility into contractual obligations, and reduce risk through its AI-driven contract management capabilities.(1)(3) It is used by companies like Brooks Running, Apptio, Outreach, Blue Nile, and others to manage their end-to-end contract processes more efficiently.(2)
Citations:
- Lexion aims to accelerate deal cycles, minimize legal bottlenecks, provide visibility into contractual obligations, and reduce risk through its AI-driven contract management capabilities.(1)(3) It is used by companies like Brooks Running, Apptio, Outreach, Blue Nile, and others to manage their end-to-end contract processes more efficiently.(2)
2024d
- (LinkedIn, 2024) ⇒ https://www.linkedin.com/company/lexion-ai/about/
- QUOTE: Lexion’s simple and powerful contract management system helps you scale legal and accelerate contracting with email-driven workflows and an AI-powered repository. If you care about actual adoption, minimal change management, and ease-of-use, we’re the solution for you. In a single platform, we make it easy to:
- (1) Legal Ticketing: manage the intake of requests (contract reviews, legal/privacy/compliance questions, marketing content review, and more);
- (2) Contract Generation: empower the business to create template contracts on their own;
- (3) Status Tracking: track/report on the status of projects;
- (4) KPI Reporting: analyze/report on key performance metrics; and
- (5) Contract Analysis & Powerful Repository: find and analyze/report about what’s in your contracts with great search and AI.
- QUOTE: Lexion’s simple and powerful contract management system helps you scale legal and accelerate contracting with email-driven workflows and an AI-powered repository. If you care about actual adoption, minimal change management, and ease-of-use, we’re the solution for you. In a single platform, we make it easy to:
- All while the rest of the business can stay in email and chat (Slack or Teams) so they don't have to learn another tool.
- About us: Lexion was founded at a prestigious artificial intelligence research institute (AI2) and we’re 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 the only contract management system that CB Insights ranked the #1 most promising AI legal tech startup in the world two years in a row (2020, 2021). More importantly, fantastic brands trust Lexion to manage their contracts: Brooks Running, Outreach, RetailNext, OfferUp, Blue Nile, and many more (...)