Bob Ambrogi reports…..It has been quite a year for legal tech startup Evisort. Twelve months ago this week, the company introduced its flagship product, Document Analyzer, a cloud-based AI and text-mining application that helps enterprises analyze and manage their contracts. At the time, I wrote that it “might just be the hottest legal tech and AI company you’ve never heard of.”
After launching with angel funding from Amity Ventures, an early-stage venture capital firm, and Village Global, a VC firm whose backers include Bill Gates, Mark Zuckerberg, Jeff Bezos and Reid Hoffman, the company earlier this year raised another $4.5 million in seed funding. Now today it is announcing that it has closed a Series A funding round of $15 million.
This latest round was led by Vertex Ventures, part of a global network of funds backed by Singapore-based Temasek, and Microsoft Corporation’s M12 Ventures, with participation by Amity and Serra Ventures. With this investment, Vertex general partner In Sik Rhee is joining Evisort’s board, and M12 head Nagraj Kashyap is joining the board as an observer.
Evisort was founded in 2016 by two Harvard Law School students, Jerry Ting and Jake Sussman (who both graduated last year), and MIT student Amine Anoun. Their vision was to build a platform that used AI to help companies mine their contracts for insights and key information by turning unstructured text into structured data.
Since launching their product last year, Ting told me earlier this week, they have expanded that vision to encompass any legal document that defines a business action or relationship, meaning not only contracts, but also statements of work, invoices, purchase orders, and SLA or rebate tables. That includes both pre-signature and post-signature stages of legal documents.
“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,” Ting said. “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.”
“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,” Vertex partner Rhee said in a statement announcing the investment. “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.”
Read the full article at . https://www.lawsitesblog.com/2019/12/ai-contract-management-company-evisort-raises-15m-to-drive-next-phase-of-growth.html
