Evisort, a San Mateo, CA-based intelligent contract management platform, raised $35M in Series B funding, bringing its total funding to $55.5M.
The round was led by General Atlantic with participation from existing investors Amity Ventures, Microsoft’s venture fund M12, and Vertex Ventures. In conjunction with the funding, General Atlantic’s Operating Partner and former GE CIO Gary Reiner will join Evisort as a board member.
The company intends to use the funds to grow its customer success team, expand its platform to include more workflow-specific offerings, and continue to extend its pre-trained AI.
Founded in 2016 by Harvard Law and MIT researchers and led by CEO Jerry Ting, Evisort leverages artificial intelligence (AI) to help businesses categorize, search, and act on business-driving documents of any type. Its proprietary AI understands meaning and context in legal language, eliminating the need for manual data entry and parsing of contracts or business documents.
Evisort Contract Management, its post-signature solution, can read a 30-page document in 15 seconds, extracting insights and making them actionable through integrations with CRM, ERP, HR, and Finance systems. With the launch of Evisort Contract Workflow in July 2020, the platform can now automate the entire lifecycle of a contract, from contract creation to negotiation to signature.