What Evisort’s $100M Series C Means for Contract Intelligence and Management
By Jerry Ting, Evisort Co-Founder and CEO
When my co-founders and I started building Evisort, we were amazed at the opportunity we were addressing: every time a business sells, buys, hires, or leases, a contract is created. However, this critical data is often manually reviewed and tracked at high costs and slow speeds with low accuracy. This is stunning — memorializing agreements is literally why humans invented writing in 3400 BC, but over 5,000 years later, we are still manually reading and tracking contracts. We’re changing this at Evisort.
In law school, we were shocked to see lawyers still insisting on printing out every contract to review every line, one at a time. This is difficult to understand in an era when cars can drive themselves. There have been some minimal improvements in how teams review contracts, but even post-pandemic, many businesses still struggle to answer the question: “What have we agreed to in the past?”
McKinsey estimates that suboptimal contract terms and conditions, combined with a lack of effective contract management, can cause an erosion of value equal to 9% of a business’s annual revenues. For the 2021 Fortune 500, this 9% would have equaled nearly $3 trillion in lost value.
That’s why Evisort is bringing cutting-edge artificial intelligence (AI) to the time-honored practice of contract management, providing complete transparency across all obligations and rights while drastically cutting down on worker hours spent conducting manual searches and reviews. If a team managing more than 80,000 contracts saves over 10,000 hours per year by eliminating manual review, imagine how much time a business with one million active contracts can save by adopting modern technology. Evisort helps organizations automate contract review and reporting with AI, empowering high-performance teams to focus on higher-value projects and deliver better business outcomes.
We’re happy to share that Evisort has raised an additional $100 million in funding, including equity and debt, to drastically accelerate our pursuit of automating the mundane components of contracting so that legal, procurement, sales, and operations teams can focus on driving their businesses forward. We couldn’t be more excited to collaborate with our new lead investor, TCV, and to welcome Amol Helekar, General Partner, to our board. We also welcome Breyer Capital and are grateful that all of our existing major investors, including General Atlantic, Microsoft’s venture capital fund M12, Amity Ventures, and Vertex Ventures, have continued to invest in us.
Evisort’s mission is to democratize contracting and minimize the human hours needed to review and search for contracts with real AI. Contracting teams can reduce deal cycles by using Evisort’s no-code workflow tool to coordinate approvals, draft documents, collaborate on redlines, and sign agreements, all in one platform. Our customers have complete visibility into historical customer and vendor relationships with our industry-leading algorithms that understand third-party contracts right out of the box.
With Evisort’s latest capital investment, we will double down on expanding the capabilities of our proprietary, award-winning AI, enhancing customer experience, and accelerating global growth. As we look to the next steps of Evisort’s journey, I am abundantly grateful to our customers, employees, and partners who have supported and elevated Evisort’s growth. I look forward to continuing to partner with all of you as we aim to finally and forever eliminate the tedious, soul-crushing hours that legal and contracting professionals spend manually searching, reviewing, and tracking gargantuan contract portfolios.
To that end, I’d love to invite you all to a May 24th webinar with Evisort customer Keller Williams, hosted by World Commerce & Contracting. We’ll discuss how organizations can accelerate and improve the return on their investment in contract management and build greater visibility into their contracting processes.
In closing, I can’t thank you enough for being a part of Evisort’s story. I am energized to build the future of AI-powered contract management with the best humans on the planet: passionate Evisort customers, employees, and partners!
Time to retire legacy contracts and onboard AI simplicity.
Co-Founder and CEO, Evisort
P.S. Customers are always our highest priority, which is why Evisort is committed to growing our team. We are looking for talent across all areas of Evisort and would love for you to consider joining us — maybe one of our open roles is perfect for you.
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