Afternoon Coffee: LawGeex Raises $12 Million in New Funding, Tesla Temporarily Halts Model 3 Production Again

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LawGeex, a relatively new vendor in the contract management space, announced Tuesday it had closed a $12 million funding round led by venture capital fund Aleph, according to a press release. The new investment, which brings the company’s total funding to $21.5 million, will be used to improve LawGeex’s product and expand its market presence in the U.S.

"After seeing little to no change over the last 400 years, the legal industry is undergoing profound upheaval," says Eden Shochat, partner at Aleph. "The recent explosion of LegalTech … will continue to expand exponentially. We believe the LawGeex approach of combining a pre-trained AI with the experience and knowledge of expert lawyers, is ultimately more powerful than either one alone."

Tesla Production

Tesla’s beleaguered Model 3 sedan is halting production again this week, this time for four to five days to “improve automation” on the assembly line, Quartz writes. The shutdown threatens CEO Elon Musk’s increasingly unrealistic production goals. Musk originally planned to produced 20,000 Model 3s per week by March; by late last month, Tesla was building just 2,020 per week.

China-U.S. Trade Spat Update

The tit-for-tat trade measures continue between the U.S. and China, with each side hitting the other where it hurts most. On Tuesday, the U.S. cracked down on ZTE, a Chinese tech company, by banning it from buying components from American firms. At the same time, China found that U.S. sorghum exporters were hurting its domestic industry, declaring that CHS Inc. and other U.S. companies must now pay a deposit as high as 178.6% for shipments to the country.

China’s Growth

Despite the rising tension with its largest trading partner, China’s economy grew largely unaffected, according to the Wall Street Journal. In the first quarter China’s GDP grew at a rate of 6.8%, faster than economists expected.

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