Evisort continues growth with 15 million in Series A Funding
Apr 03, 2020 04:14 PM EDT
On December 19, 2019, Evisort reported that it closed a Series A funding round with a total of $15 million. The funding round was led by Microsoft's venture fund, M12, and Vertex Ventures, with participation from Amity Ventures and Serra Ventures.
Evisort is a cloud-based contract analysis platform that uses automation and AI software to manage legal documents. The goal of this software is to automate the time consuming and often monotonous process of reviewing, assessing, approving, and tracking legal documents. The documents can include such things as statements of work, contracts, invoices, purchase orders, and rebate tables or SLA. The ai contract analysis works by reading and visualizing 50 key data points. These data points are things like contract expiration dates, legal clauses, and payment tables. As a result, legal teams can focus their time on strategy rather than document processing. Furthermore, the platform can be deployed within a company's private cloud or behind a company's firewall.
This round of funding follows Evisort's 4.5 million in seed funding that they acquired in February 2019, which was led by Village Global and Amity Ventures, with participation from Serra Ventures. The funds from this series will go towards improving the customer experience, broadening their product offerings, and opening a new research and development office in Montreal, Quebec.
KPMG research states that businesses can lose up to 40 percent of a deal's value as a result of inadequate contract administration. Furthermore, a 2016 survey by the eCommerce solution, Apptus, found that 39% of legal departments don't use lawyers to manage their contracts. Additionally, 50% of these departments need a week or more to turn out documents. It's statistics like these that induced Amine Anoun, Jake Sussman, and Jerry Ting to start this company in 2016.
Anoun, Sussman, and Ting decided that the ideal solution to this problem was an AI software that could understand both the context and the meaning of legal language. In this way, the need for manual data entry and parsing would be eliminated. The software is fast enough to work through a 20-page document in mere seconds.
Evisort is growing fast. In 2019 they secured over 100 enterprise customers. These customers include such giants as Brook Brothers, Cox Automotive, Fujitsu, TravelZoo, and Sweetgreen. Over half of their customers use this software in multiple departments, such as legal, finance, procurement, and HR.
The company continues to seek to improve their solution and are currently working on building a solution that manages the entire lifecycle of a document. The goal is to be able to tie long-form contracts together with data from purchase orders, invoices, statements of work, and similar materials and create a holistic platform. This also means creating better workflows. For instance, when a contract is up for renewal, data can be used to create a workflow around the person who owns the contract and the person who uses the service.
Last year, Evisort took steps to expand their team by hiring Alexander Su as their director of business development and Francisco Meza, as their VP of Engineering. Su is a lawyer who was previously employed as a sales lead and an account executive at e-discovery company, Logikcull. Meza is a veteran of the tech industry who worked as an engineering leader at Invitae and MuleSoft.
As a result of their rapid growth, they are continuing to expand their team. "Evisort is at a pivotal moment in its journey of transforming document management as we expand our customer base nationwide and globally. We will continue to lead advances in AI for contracts and innovation by strengthening and growing our engineering team. Meza's skills and expertise will be imperative to Evisort's plans for continued success," said Jerry Ting, Founder, and CEO of Evisort.