Evisort, an artificial intelligence-powered contract intelligence system, announced that it 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.”
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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.
“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,” said In Sik Rhee, General Partner of Vertex Ventures. “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.”
According to KPMG research, businesses stand to lose up to 40 percent 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. By comparing contractual insights alongside sales and vendor data inside systems like Salesforce and Ariba, clients can directly tie their contracts to other systems and drive workflows.
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“Evisort intently listened to what Cox Automotive was looking to accomplish and compared it to how they solved similar issues in other client situations,” explains Doug Smith, Senior Manager, 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.”
“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.
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