Madison Genthry 
Evisort, a leading artificial intelligence (AI) company, has recently secured $100 million in its latest funding round led by venture capital firm Technology Crossover Ventures (TCV). This is the fourth funding round for the Silicon Valley-based startup, bringing its total investment to over $240 million.
This new round of capital will enable Evisort to scale its business operations, develop new products, and expand into additional markets. This article will discuss the details of this funding round and explore why venture capitalists are investing in Evisort’s AI-driven technology.
Overview of Evisort
Evisort is an AI-driven contract management platform that helps companies to accelerate their contract processes and manage their contract cycle. Founded in 2016, the company has grown from strength to strength, and recently, it has announced its latest funding round of $100 million led by venture capital firm TCV, adding to its total funding of $150 million to date.
This article will provide a thorough overview of Evisort and the new funding round.
Company Background
Evisort is an artificial intelligence (AI) platform that helps companies tackle contract management challenges. It enables users to manage the entire lifecycle of contracts from creation through execution, renewal, and optimization. Evisort was founded in 2015 by two Stanford PhDs, Andrew Hsu and Ajay Sampathraj, to create a simpler process for monitoring, managing, and digitizing companies’ contracts. The platform offers document capture and recognition, contract analysis, and search capabilities within a single integrated platform.
Over the years since its founding, Evisort has rapidly developed its advanced AI-enabled contracting solution for small businesses and large enterprises. As a result, organizations can make smarter decisions about their contracts faster with reduced administrative costs and improved employee productivity. In September 2019, the company announced that it had raised $100 million in Series B Venture Capital (VC) funding which it would use to expand into new markets and enhance its product capabilities through investments in talent acquisition, research & development (R&D), and marketing initiatives. The Series B funding round was led by venture capital firm TCV with participation from existing investors Gavrilovich Ventures and Base10 Partners, along with several other unnamed investors. As of 2019, Evisort has raised $135 million in investment funding.
Company Vision
Evisort is a legal technology company founded to reduce the cost and complexity of contract management. The company’s platform leverages cutting-edge artificial intelligence and machine learning algorithms to automate contract management processes, enabling customers to benefit from accurate compliance, efficiency, visibility, and peace of mind.
Evisort’s mission is to empower businesses everywhere with reliable contracting operating systems that are secure, compliant, agile, and cost-effective. In addition, the company strives to make contracts searchable and trackable in real-time, enabling customers to make better decisions by tapping into the latent value in their contracts.
The recent $100m Series B funding event was led by venture capital firm TCV and further involved investors from Diagram Ventures and Dawn Capital alongside previous participants: Joe Lonsdale (8VC), Goldman Sachs, Jerry Yang (AME Cloud Ventures), Next World Capital, NEA, HAAH investments amongst others. This new round of funding speaks volumes about the success of Evisort’s vision as it advocates for its integrated platform approach that alleviates stress on workflows related to the contract management process. The additional funding will be used towards product development wherein Evisort seeks continuous scaling as adoption grows.
Evisort raises $100m in latest funding round led by venture capital firm TCV
Evisort, the groundbreaking AI-powered contract management platform, has recently raised $100M in a funding round led by the venture capital firm TCV. This marks a major milestone in the growth of the company and its products.
This round of funding is the latest in a series of major investments, and will allow Evisort to continue to build out its powerful AI-driven contract management platform.
In this article, we’ll look at the details of this latest funding round and its potential implications.
Investors Involved
Evisort, a California based Artificial Intelligence and automation platform, recently announced its latest funding round of US$100 million, led by venture capital firm Technology Crossover Ventures (TCV). Evisort’s latest funding round also included investments from Activant Capital, Ashton Kutcher’s Sound Ventures, BMW I Venture and DN Capital.
The $100 million investment makes Evisort one of the most financed Artificial Intelligence startups in the world. This follows a series of success stories for Evisort including beta testing with major corporations such as Chevron and Motorola Solutions as part of their digital transformation initiatives. The technology is said to help corporations increase efficiency and scalability while drastically reducing cost and cycle times associated with contracts.
Joe Gianni, General Partner at TCV said: “We are incredibly impressed with what the team at Evisort has accomplished thus far in bridging together artificial intelligence, natural language processing , machine learning and contract specific automation to transform the way companies manage their contracts”.
This new round of funding will be used to accelerate product innovation for both current customers such as Sanofi Genzyme, Comcast Business, or Northern Trust as well as further expand into new industries in need of contract management services like public sector organizations or financial services firms.
Amount Raised
Evisort, a leading provider of artificial intelligence (AI)-driven document automation and analytics solutions raised $100m in its latest funding round led by venture capital firm TCV. This is the first time Evisort has ever raised that amount in a single round of financing.
The funding will enable the company to accelerate product innovation and to expand operations globally and the team. The infusion of capital also provides Evisort with the flexibility to explore strategic opportunities such as partnerships, acquisitions, and other related investments.
This latest investment round puts total funding raised by Evisort at $154m, made up of equity investments from Accel, Formation 8, Khosla Ventures, and Pear VC among others. This capital will enable more end users worldwide including enterprises to access Evisort’s document automation platform across multiple industries including legal sales finance and IT providing them with an easier way to automate understanding analytics and streamline their operations.
Terms of the Deal
Evisort recently announced that it had successfully completed its latest funding round, led by venture capital firm TCV. The round was concluded with a total of $100m in funding that will help to propel the company’s ambitious growth plans.
As part of the terms of the deal, TCV has taken an unspecified minority stake in the business. This marks their first major investment into a legal technology company and they have also joined Evisort’s Board of Directors.
The remainder of the funds have been sourced from multiple sources including other venture capital firms and Evisort’s existing shareholders. This decisive move signals their commitment to scaling the business and further investing in their Natural Language Processing (NLP) capabilities.
The new funds will facilitate accelerated hiring and product development as well as expanding their customer base outside of North America to include Europe, Asia-Pacific region and Latin America. The funds will also be used to capitalize on new strategic acquisition opportunities for the company in order to bolster their current lineup of products.
Evisort is focused on building an ML-driven platform that leverages unstructured data pipelines such as emails, contracts, and documents in order to create increased transparency into business agreements while saving time and money on legal workflows.
Impact of the Funding
Evisort, a cloud-based contract management platform, has raised $100 million in its latest funding round led by venture capital firm TCV. This is a major milestone for the company and can be seen as a testament to their success.
This funding round is expected to have a major positive impact on the development of Evisort’s platform and the future growth of the company.
This article will explore the potential implications of the funding and analyze why this funding round was beneficial for Evisort.
Expansion of the Company
The latest funding round for Evisort, led by venture capital firm TCV, has raised $100 million to help expand the company’s operations. The investment comes from TCV and a group of investors, including existing investor GGV Capital, as well as new investors including Activant Capital and Point72 Ventures.
This round of funding allows Evisort to continue building their enterprise artificial intelligence (AI) platform to help organizations automate contract processing and understanding. It also allows the company to expand its customer base and broaden its use-case offerings. With this new injection of funds, Evisort plans to build out its AI platform capabilities across other industries while continuing to innovate through technology investments in areas such as machine learning, data engineering, natural language processing, and document analysis.
All of these expansion opportunities will enable the company to provide a more advanced service offering that helps reduce risk associated with contracting processes while accelerating document accuracy. Moreover, this injection of capital will foster growth in sales efforts including increased headcount in customer service representatives who understand data law operations inside-out and can expertly manage customers’ complex AI implementation processes. Ultimately these resources will accelerate customer success much faster than before while empowering the end users with real-time insights from their contracts’ content that drive better decision making for improved ROI at companies of all sizes.
New Products and Services
Evisort’s recent funding round of $100m is expected to be used for a number of initiatives, the most notable being the further development and expansion of their product range. Founded in 2016, the Seattle-based AI contract management software company currently offers an end-to-end cloud solution for enterprises to automate and streamline their legal contract processes. With this fresh investment, they plan to introduce several new products and services that will transform the contract management industry.
One example is their upcoming automated agreement drafting tool which allows users to quickly generate contracts without manual intervention or templates. This solution promises to revolutionize the way agreements are created and managed, with significantly reduced time and costs. In addition, Evisort plans on rolling out artificial intelligence-powered infographic reports which offer timely insights into contractual data, making it easier for organizations to identify potential areas of improvement in their existing contracts.
Utilizing this additional funding has also enabled evisort to create a more comprehensive portfolio of content covering areas such as dispute resolution, contracting best practices, accounting guidelines and regulatory compliance. These will ensure that enterprises have an all-in-one resource at their disposal when it comes to maintaining a secure contractual environment.
Finally, Evisort is making significant investments towards research & development projects which aim at modernizing enterprise operations through enhanced automation technologies. This includes blockchain-based contract digitization frameworks which enable companies to track document accesses across multiple departments in real time while also providing tamperproof security assurances for confidential contracts.
Conclusion
Evisort has announced that their latest funding round was led by prominent venture capital firm TCV, raising $100 million for the company. This marks a significant milestone for Evisort, confirming the confidence investors have in their platform and its potential to transform the legal industry. The current round brings the total amount raised by Evisort to more than $160 million and will be used to grow and expand the business.
Evisort believes that combining cutting-edge AI and machine learning technologies with experienced legal, product and technology teams will enable them to provide legally compliant advice and solutions faster. With this new funding, Evisort will continue to build out its platform with advanced document intelligence capabilities that provide an immediate impact across contracts management operations, automating manual processes and greatly simplifying complex requirements so they can be processed quickly and accurately with minimal labour input.
This investment is tangible evidence that Evisort has developed a market-changing product, signaling strong confidence in their strategy of providing legally compliant solutions quickly while reducing costs significantly. It is expected that this new round of investment will turbocharge the development of innovative products to further reduce costs while delivering greater efficiency gains.
