Founded in 2016, Evisort has proven to be a startup worth watching for those interested in the role artificial intelligence is playing in document management. Founded by a team of Harvard Law and MIT researchers, Amine Anoun, Jerry Ting and Jake Sussman, Evisort has used artificial intelligence to revolutionize contract management.
Evisort has pioneered artificial intelligence that can understand both meaning and context in contractual language. This AI capability has eliminated the need for manual data entry involving contracts. With the software already in use by numerous Fortune 500 companies, Evisort raised another 15 million dollars in venture capital to fund expected growth in 2020.
The recent 15 million dollar influx comes from Microsoft’s M12, Vertex Ventures, Amity Ventures, and Serra Ventures. Microsoft garnered an advisory seat on Evisort’s board and has assigned a team member to identify ways the two companies can work together. Among other growth-focused ventures, Evisort plans a new research and development facility in Montreal, Quebec.
The contract management software market comes in at about 2.9 billion dollars. Evisort rivals, such as Icertis and Concord, are vying for their piece of the pie as well. Investors believe there is still room for growth, and that Evisort’s AI algorithms are pushing the envelope on AI advancements.
Evisort remains the only product on the market where artificial intelligence comes pre-trained. Evisort is one of the only contract management solutions that require no training of the machine learning algorithms. The ability to use the software as soon as the installation is complete carries significant benefits for customers who need ease of use. Evisort’s machine learning algorithms are unique, and that is driving sales and the recent news of expansion this year.
If sales are up, why is now the time for another round of funding? The software’s primary customer base has been corporate legal departments. Now that word has spread, and the capabilities of Evisort are finding their way into other markets, Evisort is ready to expand its demographic. According to co-founder, Jerry Ting, “We were sort of waiting for the product to be well-adopted before we went out and expanded the rest of it.”
It seems as though the market timing is right, given that Evisort partnered with Linguistic Systems, Inc. to provide contract analysis and translation in 120 languages. The partnership has the potential to catapult Evisort onto the global stage.
In mid-2019, Evisort brought Francisco Meza on board as Vice President of Engineering. Meza is a veteran of the Silicon Valley tech industry, bringing 20 years of experience with major companies including Invitae and Mulesoft.
In a press release by Evisort, Mesa shared, “Evisort is pushing the boundaries of technology with artificial intelligence, and I look forward to joining the team in the next phase of growth and transforming document management. Evisort is already embraced by both our users and our investors and I am excited to see where we can take the company next.”
Businesses stand to lose up to 40 percent of the value of a contract due to poor contract management, according to KPMG research. Evisort’s ability to help companies track and understand their contracts could help reduce that percentage significantly.
Jerry Ting, CEO of Evisort, believes the Evisort platform will impact businesses beyond contract management. Ting envisions Evisort accelerating how fast organizations can approve contracts, manage risks and improve the overall velocity of a deal.
Evisort distinguishes itself in the industry for providing a product that is suitable for any business size. Minimal necessary training, and compatibility with most IT platforms, have most customers using the product within 30 days of their first contact with Evisort.
In 2019, Evisort secured more than 100 enterprise customers, including some of the largest Fortune 500 companies like Cox Automotive, Brooks Brothers and TravelZoo. Evisort is currently managing more than $40 billion worth of corporate contracts. Projections for 2020 seem poised to exceed the prior year.
The new funds will expand product offerings and enhance the customer experience, along with adding additional team members. Evisort anticipates hiring ten technical team members for the new Montreal office.