On Wednesday, contract lifecycle management (CLM) provider Lexion announced that it raised $20 million in a series B funding round led by Point72 ventures, and including Citi Ventures, both venture capital firms that are new investors to the company. Also participating were existing investors Wilson Sonsini Goodrich & Rosati, Madrona Venture Group and Khosla Ventures, who previously participated in Lexion's July 2021 $11 million series A funding round.

With this latest investment, Lexion has raised over $35 million since its 2019 seed funding round.

Gaurav Oberoi, CEO and co-founder of Lexion, told Legaltech News that Lexion intends to use the new funding in three ways. First is expanding its "go-to-market [strategy]… bringing on more sales, more marketing [teams] to get the word out," he said.