Alexandre Grux, founder of Hyperlex tells us about easy and efficient contract management.
First of all, how are you and your family doing in these COVID-19 times?
Alexandre Grux: Very good, thanks. We were a bit worried initially (who wasn’t?), but we are okay now.
Tell us about you, your career, and how you founded Hyperlex.
Alexandre Grux: I’m a happy entrepreneur, high tech-addicted, and startup lover. I started my consulting career, notably at the public institution RFF (owner and manager of the French railway network), where I was in charge of research projects. In 2015, I joined the BtoB fintech startup Kyriba as a Director of Research and Innovation. That is where I met Hyperlex co-founder to be Alexis Agahi. Something hit us: how powerful an information extraction technology would be for the legal world. The inception started…
Right after Kyriba, I spent a year at the PJX10 startup lab co-founded by entrepreneur and business angel Pierre Kosciusko-Morizet and Pierre Krings and other French entrepreneurs like Jean-Romain Lhomme and Jérôme Muffat, where I studied startup creation opportunities in all sectors. It became clear to me that the Legaltech sector was a great opportunity for business and innovation. I then co-led a working group on AI training for the March 2017 #FranceIA report commissioned by the French government. I realized how AI was the perfect opportunity for the Legaltech sector.
And that was it… Alexis and I were ready to create a company able to identify and understand key information in contracts to help companies manage these business assets. Contract Management can be very painful, but with technology’s help, it gets way easier! So we wanted to make it possible to analyze and validate hundreds of thousands of documents in record time. That is how Hyperlex was born in 2017!
Hyperlex offers a cloud platform (in SaaS mode) using artificial intelligence to analyze all of a company’s digitized contracts and extract their content (contract subject, various clauses, content, date, signature…). Following the semantic analysis of this content, the platform stores them in a structured and secure way, allowing searches, manipulations, explorations, etc.
How does Hyperlex innovate?
Alexandre Grux: We help companies manage and make the most of their contract portfolio by extracting relevant information and data to maximize revenue opportunities, optimize expenses and mitigate risks. In other words, Hyperlex makes contracts great again!
Our technology rests on a combination of specifically trained natural language processing algorithms and advanced deep learning techniques. Hyperlex has developed a set of automatic language processing technologies based on statistical analysis, deep neural networks, and supervised/unsupervised learning. With our experience with over 10 million documents and more than 20 terabytes of multilingual data, we have acquired unique expertise in our industry!
How does the coronavirus pandemic affect your business finances?
Alexandre Grux: 88% of Legal Departments think that the crisis will have a strong impact on change management towards more digitalization. Indeed, I think the coronavirus pandemic contributed to accelerating the digitalization of legal processes in companies. We had a great acceleration of our sales in the last quarter of 2020, which continues at the beginning of the year.
In the last year, we welcomed in our clients companies from different sectors like Leroy Merlin, Crédit Mutuel Arkéa, Altima Assurances, Dômes Pharma, Eminence, Evian Resort, Groupe Société Générale, Groupe IDEA, JobTeaser, Lefebvre Sarrut, ManoMano, Ornikar or PrestaShop.
Did you have to make difficult choices regarding human resources, and what are the lessons learned?
Alexandre Grux: Hopefully, I did not. On the contrary, we had to recruit more employees to accompany our growth. We plan on recruiting over 20 people in the next year. A dream for every CEO in these times of crisis.
How did your customer relationship management evolve? Do you use any specific tools to be efficient?
Alexandre Grux: We hired more people in our Customer Success team. At Hyperlex, Customer Success are legal experts able to understand the specific needs of legal departments. They help clients get their hands on the solution and make it fit perfectly for the company. Because we welcomed many new clients last year, we had to beef up the team to make sure they were accomplishing all their needs.