- Evisort, an AI-powered contract intelligence system, announced it raised $15 million in Series A funding
Evisort — an AI-powered contract intelligence system — announced it raised $15 million in Series A round of funding led by Vertex Ventures and M12 (Microsoft’s venture fund) with participation from Amity Ventures and Serra Ventures.
What does Evisort do? Evisort’s proprietary AI solution can read and understand the meaning in legal documents such as 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,” said Evisort’s CEO and co-founder Jerry Ting. “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.”
And 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 like contracts, statements of work, invoices, purchase orders, and SLA or rebate tables.
The platform also reads and visualizes 50 plus key data points such as payment tables and contract expiration dates, and key legal clauses thus allowing teams to focus on strategic decision making versus document processing. Plus 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.
“Evisort is focused on one of the most labor-intensive systems within mid- to large-sized enterprises and is leveraging a robust AI engine to deliver mission-critical insights,” added Vertex Ventures general partner In Sik Rhee. “By removing the friction these teams face with daily document processing, this elegant and simple use of powerful AI algorithms can impact a company’s bottom line.”
KPMG pointed out that businesses stand to lose up to 40% of a deal’s value due to ineffective contract governance.
Ting believes the Evisort platform is poised to impact businesses beyond contract management, including accelerating how fast organizations can approve contracts, manage risks, and improve overall deal velocity. And by comparing contractual insights alongside sales and vendor data inside systems like Salesforce and Ariba, clients are able to directly tie their contracts to other systems and drive workflows.
“Evisort intently listened to what Cox Automotive was looking to accomplish and compared it to how they solved similar issues in other client situations,” commented Doug Smith, Senior Manager of Reporting and Data Analysis at Cox Automotive. “They enable us to have the confidence in locating contracts enterprise-wide as well as the ability to engage in new strategic sourcing opportunities from the output they provide.”
Evisort has secured over 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. And over 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. According to company estimates, Evisort is tracking and helping companies managing over $40 billion worth of corporate contracts.
With this round of funding, Evisort is going to grow its team, expand product offerings, enhance the customer experience, and launch a new research and development office in Montreal, Quebec. And the company anticipates hiring 10 technical team members for the Montreal office.
“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,” stated Nagraj Kashyap, Corporate Vice President and Global Head of Microsoft’s venture fund M12 Ventures.