Evisort, a Silicon Valley-based AI-powered contract intelligence system, recently raised $15 million in Series A funding. The funding round was led by Vertex Ventures and M12, Microsoft’s venture fund, with participation by Amity Ventures and Serra Ventures.
Evisort aims to use the new funds to grow its team, expand product offerings, enhance the customer experience, and launch a new R&D office in Montreal, Quebec.
Evisort launched its AI-powered platform in December 2018 to automate the tedious work of reviewing, assessing, approving, and tracking legal documents. The platform reads and visualizes 50 plus key data points, such as payment tables and contract expiration dates, and key legal clauses, allowing teams to focus on strategic decision making versus document processing. The system can also learn to read all types of unstructured documents.
Evisort said it has already secured more than 100 enterprise customers this year. The company is planning to hire 10 technical team members for the Montreal office.