Evisort Announces $4.5 Million in Seed Funding Led by Village Global and Amity Ventures

BOSTON & SILICON VALLEY, Calif.–(BUSINESS WIRE)–Evisort, an artificial intelligence (AI) contract management
company servicing customers like Stack Overflow and Travelzoo, announced
today that it raised $4.5 million in seed funding led by Village Global
and Amity Ventures with participation from Serra Ventures, as well as
industry executives from Accenture, Ropes & Gray, SAP, and Walt Disney.

“Organizations we talk to today are actively looking for automation
around contracting, but most store their contracts in shared folders
without analytics or the ability to search PDF documents,” said Jerry
Ting, Evisort’s CEO and Co-founder. “I’m excited to enter Evisort’s next
chapter and continue building out our AI technology.”

The funding further highlights a broad need for automating all types of
contract management — from approving sales contracts to managing
documents across legal, procurement, operations, and finance teams. Many
companies remain reliant on manual, expensive processes to track
business-critical information, leading to workflow inefficiencies and
inaccurate record keeping that can result in losses worth billions.
Businesses stand to lose up to 40 percent of a deal’s value due to
ineffective contract governance, according
to KPMG research
.

“Contracts are foundational to every deal in a business whether it is a
purchase order with a customer or a business development deal with a
partner. Evisort started by selling to legal teams, but after deploying,
they would get requests from the procurement team asking to use the
platform to manage vendor agreements, or from the human resources team
to manage employment contracts,” said Patrick Yang, General Partner &
Co-founder at Amity Ventures. “The demonstrated value across teams and
organizations made us thrilled to partner with Evisort as they drive
automation and free-up people to do more substantive work.”

With Evisort, companies can use sophisticated AI to automate tedious
contract work (spanning all legal documents), track over 50 data points
without training, and improve revenue and expenditures beyond what’s
achievable via manual data entry and tracking. For example, instead of
an attorney reviewing piles of legal documents, Evisort makes it
possible to evaluate 30-page contracts in under six seconds, pulling out
all the relevant legal and business terms.

“Evisort has transformed document management for our legal department,
which has increased our efficiency significantly,” says Adam Francoeur,
Senior Corporate Counsel at Stack Overflow. “Since the product is
AI-based, we can find key documents, and we can import contracts more
seamlessly. For a small team like ours, this has had a big impact.”

“Evisort is driving a shift in how organizations think about contracts
and document data,” said Sanish Mondkar, who previously served as Chief
Product Officer of SAP. “I’ve been continually impressed by the Evisort
team and the technology they’ve built. They’re redefining workflows and
setting-up business departments for greater success. Evisort’s platform
is uniquely positioned to forever-change how organizations manage
contracts and documents.”

The investment comes on
the heels of a banner year
for the company as Evisort quadrupled its
team to meet growing demand from organizations across all industries,
sizes, and geography. Evisort will use the capital to further develop
and accelerate its AI capabilities, including launching a new automated
review solution for contract negotiations (planned for release in the
second quarter of 2019).

About Evisort

Evisort
is an artificial intelligence (AI) contract management company that
helps professionals across all contract-handling roles to more easily
categorize, search, and act on renewals and expiration dates for
contracts of any type. Founded in 2016 by Harvard Law and MIT
researchers, Evisort’s best-in-class AI understands meaning and context
in legal language, eliminating the need for manual data entry and
parsing of contracts or business documents. Backed by leading venture
capitalists, including Amity Ventures, Village Global, and Serra
Ventures, Evisort has offices in Silicon Valley and Boston.

Contacts

Shelby Corradino
shelby@tablepr.co