May 22, 2023
In this 51st podcast episode, your podcast host Charlie Uniman interviews Gaurav Oberoi, CEO and co-founder of Lexion (www.lexion.ai).
Gaurav talks about how, as a software developer and not a lawyer but who recognized the potential of natural language processing AI, he ventured into the legal tech industry. He co-founded Lexion to focus on making sense of contracts for corporate enterprises.
During its history, Lexion transformed from being a simple repository for contracts to a CLM for an entire organization that serves as an operational workflow platform to speed up deals. Gaurav also describes how Lexion harnesses AI to, among other things, enhance contract visibility, manage renewals and reminders, and provide powerful search and reporting features.
According to Gaurav: Some of Lexion’s chief areas of focus include customer requirements and rapid implementation, and learning from competitors' shortcomings (notably, the high failure rates of CLMs generally). Lexion found that other CLM systems' complexities and steep learning curves significantly deter adoption. So, Lexion designed its system to integrate seamlessly into an organization's existing workflow, offering immediate functionality without requiring extensive setup or training. This, and Lexion’s focus on integrating with platforms like email, Slack, Microsoft Teams, and Salesforce, promotes high adoption rates.
Lexion has recently raised funds in an environment of challenging macroeconomic conditions and increased diligence from potential investors. Gaurav attributes Lexion’s recent fundraising success to, in part, the company's robust business model, dedicated team, high customer retention, and high user engagement. As Gaurav notes, Lexion's vision to serve corporate operations teams and not just the legal department (by giving just a couple of examples, automating standardized sales contracts and employment offer letters) was also an attraction to potential investors.
Gaurav concludes the podcast by describing some of Lexion’s guiding business principles, including the company’s obsession with the customer, an insistence on clear written communication among team members, and a company-wide commitment to transparency regarding company direction and individual and team performance.