Evisort, a provider of no-code, artificial intelligence products for contract management and analysis, has raised 100 million in capital, including equity and venture debt financing, bringing its total funding to date to $155 million.
This latest round of funding was led by global growth investor TCV, a key investor in market-defining companies such as Airbnb, LinkedIn and Netflix. TCV General Partner Amol Helekar will join the Evisort board of directors.
The round includes participation by Breyer Capital and all major existing investors, including General Atlantic, Microsoft’s venture capital fund M12, Amity Ventures, and Vertex Ventures.
Read about Evisort on the LawNext Legal Technology Directory.
This has been quite a week for contract-management technology, with SirionLabs raising $85 million and LexisNexis acquiring ParleyPro.
It is also a notable achievement for Evisort’s founders, who were still students at Harvard Law School and the Massachusetts Institute of Technology when they started the company in 2016 with a vision of using AI to help companies mine their contracts for insights and key information by turning those contracts’ unstructured text into structured data.
Related: How It Works: Evisort, A Leading Provider of Contract Management and AI Solutions.
“We created Evisort because it is absolutely critical for organizations to easily access and manage this data inside their contracts,” cofounder and CEO Jerry Ting said in announcing today’s financing. “We couldn’t be more grateful for the trust of our hundreds of customers to build this innovative technology with us.
“Now, we will accelerate this momentum as these additional funds will supplement our existing capital to further our vision for making contract operations stronger and more meaningful than ever.”
Related: On LawNext, Evisort CEO Jerry Ting on the Future of CLM and Contracts Tech.
Evisort said it will use these funds to enhance the customer experience, to invest in furthering developing its product, and to accelerate its global growth.
Last December, I wrote here about Evisort’s growth during 2021, a year in which it doubled both its revenue and headcount.
Evisort’s platform offers both post-signature contract management, review and analytics and pre-signature contract generation and approval. Its customers include Microsoft and BNY Mellon — the latter having won a global innovation award as a result of its work with Evisort.
Last October, Evisort launched its Intelligent Dashboarding (pictured above), which it said is the first self-populating dashboard that instantly visualizes contract data and summarizes key metrics without manual data entry. Other upgrades included new collaboration, negotiation, and redlining features, as well as Salesforce integration.
Last month, Evisort brought on a new chief marketing officer, Michaela Dempsey, who had previously worked more than 20 years as a marketing executive for SaaS technology companies.
Helekar, the TCV general partner who is joining Evisort’s board, said he believes Evisort’s platform solves increasingly important pain points for many businesses – extracting value from contract data, streamlining the contracting process, and improving the efficiency of legal operations.
“Contracts are core to many critical functional areas such as legal, sales, and procurement,” Helekar said. “The fact that Fortune 500 customers and mid-sized businesses alike can implement and realize value with Evisort across business functions in less than a month underscores the platform’s usability across industries and use cases.”