We’re thrilled to announce our investment in Lexverify, a company that is revolutionizing how companies communicate in a compliant manner.
Our work life often revolves around the ping of a notification. Whether from Slack, Zoom, Outlook, or another communication channel, we are in constant dialogue with our colleagues, customers, and vendors. We have seen the use of electronic communication in business evolve to the point where we cannot imagine working without it. It’s transformed the way we work, it’s efficient, and it’s convenient, but with all this great convenience also comes great responsibility – and potential liability from non-compliant messaging.
Employees are generally relied upon to observe corporate policies in their day-to-day communications. Yet they typically receive little support beyond an initial training on compliant communication and are held responsible when things go wrong. The average office worker sends on average 10,000 emails per year, and it only takes one to get them and their company into trouble. We believe that, in an increasingly digital working environment, ongoing training and continuous employee development support should be the new standard. This is where technology can be leveraged to assist employees in their day-to-day work and, in the long run, create a stronger work culture.
Enter Lexverify. Lexverify is an AI-powered assistant that helps prevent legal and compliance risks on electronic communication in real time,providing continuous development support to employees. The platform identifies and flags potential risks as an email is being drafted and suggests appropriate actions to the user to craft more compliant messaging. For instance, an individual drafting an email to or about competitors may accidentally breach competition law. Lexverify will pop up a simple suggestion to help the individual understand the nature of the potential risk and will provide an appropriate recommendation. Employees have the option to alter the text or provide guidance for their choice.
Lexverify’s vision is to create a world where electronic communication is an asset, not a liability. Lexverify enables organizations to move away from ‘extinguishing fires’ within corporate communication towards preventing them in the first place. This means better and more professional and productive work environments, fewer legal issues, and a more socially responsible business environment that is proactive in preventing risk as opposed to treating its consequences as the cost of doing business. We believe that the team can bring this vision to life.
We are thrilled to welcome the Lexverify team to The LegalTech Fund family and let us know if we can connect you to learn more.