SAN MATEO — Evisort, an artificial intelligence-powered contract intelligence system, has closed a $15 million Series A funding round led by Vertex Ventures and M12, Microsoft’s venture fund, with participation by Amity Ventures and Serra Ventures.
Evisort’s proprietary AI solution can read and understand the meaning in legal documents like sales contracts and vendor paperwork.
“Our goal is to relieve legal and procurement teams from the labor-intensive process of managing contracts and empower them with the insights they need to truly do their jobs. We’re excited to deliver a solution that impacts their day to day and frees them up to do the core work they are experts at,” explained Jerry Ting, Evisort’s CEO and co-founder. “Legal documents exist well beyond the legal team and automating that paper trail has a direct impact on the speed at which a company does business.”
Evisort’s AI-powered platform launched in December last year to automate the tedious work of reviewing, assessing, approving, and tracking any legal documents that define a business action or relationships, such as contracts, statements of work, invoices, purchase orders, and SLA or rebate tables. The platform reads and visualizes 50 plus key data points, such as payment tables and contract expiration dates, and key legal clauses, allowing teams to focus on strategic decision making versus document processing. The system can also learn to read all types of unstructured documents. Given the nature of the materials, Evisort’s platform can be deployed securely behind a client’s firewall or within a company’s private cloud environment.
“Simply put, Evisort is creating the new command center for the operations team for mid- to-large enterprises. Evisort’s AI algorithms draw out the deepest insights for legal, procurement, and financial teams, and are pushing the envelope on AI advancements,” said Nagraj Kashyap, Corporate Vice President and Global Head of Microsoft’s venture fund M12 Ventures.
Evisort has secured more than 100 enterprise customers this year, from high-growth startups to some of the largest Fortune 500 companies, including Brooks Brothers, Cox Automotive, Fujitsu, TravelZoo, and Sweetgreen. More than half of Evisort customers have added multiple departments such as legal, finance, procurement or HR as users to the platform within the first 30 days of their engagement. Evisort estimates that they are tracking and helping companies manage more than $40 Billion worth of corporate contracts.
The new funds will be used to grow Evisort’s team, expand product offerings, enhance the customer experience, and launch a new research and development office in Montreal, Quebec. The company anticipates hiring 10 technical team members for the Montreal office.