19 December 2019:
Evisort has raised $15 million in Series A round of funding. The funding round was led by Vertex Ventures and M12 (Microsoft’s venture fund).
Amity Ventures and Serra Ventures also participated in the funding round.
The company will use the fresh capital to grow it’s team, expand product offerings, enhance the customer experience, and launch a new research and development office in Montreal, Quebec.
Jerry Ting, CEO and co-founder, Evisort, said, ““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.”
Jerry Ting, added, “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.”
In Sik Rhee, General Partner of Vertex Ventures, said, “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. 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.”
Doug Smith, Senior Manager, Reporting and Data Analysis at Cox Automotive, said, “Evisort intently listened to what Cox Automotive was looking to accomplish and compared it to how they solved similar issues in other client situations. 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.”
Nagraj Kashyap, Corporate Vice President and Global Head of Microsoft’s venture fund M12 Ventures, said, “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.”
Evisort leverages artificial intelligence (AI) to help businesses categorize, search, and act on business-driving documents of any type. The company anticipates hiring 10 technical team members for the Montreal office.
(Image – Evisort)