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The company's AI platform was launched last December 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
Fremont, CA: San Mateo-based artificial intelligence-powered contract intelligence system Evisort raised USD 15 million in a Series A funding round led by Vertex Ventures and M12, Microsoft’s venture fund, with participation from Amity Ventures and Serra Ventures. Evisort's proprietary AI solution reads and understands legal documents like sales contracts and vendor paperwork. The newly raised capital will be used towards the growth of Evisort's team, expand product offerings, enhance the customer experience, and launch a new research and development office in Montreal, Quebec.
"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."
The company's AI platform was launched last December 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. By reading and visualizing 50 plus critical data points such as payment tables and contract expiration dates, and vital legal clauses, the platform allows teams to focus on strategic decision making versus document processing.
The system is also capable of reading all types of unstructured documents. With respect to the nature of materials, the company'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.”
The company 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. Currently, more than half of their 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. "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. According to the company's estimates, they are tracking and helping companies manage more than $40 Billion worth of corporate contracts
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