Evisort, a tech company that embeds artificial intelligence into contract management software, has just announced that it has raised $100 million in funding to help accelerate its growth.
This funding will allow Evisort to expand its development team, launch new products and services and invest in research and new partnerships. This landmark investment will help the company continue to be an industry leader in the contract management space.
Overview of Evisort
Evisort is an artificial intelligence software company that uses technology to transform how organizations worldwide purchase, negotiate, manage, and track their contracts. Using cutting-edge AI and machine learning algorithms to analyze contracts quickly and accurately, Evisort helps its customers save time of personnel. Evisort’s comprehensive platform provides data-driven contract insights with superior speed and accuracy.
In 2020, Evisort closed a $100 million funding round to help further its mission of digitizing the world’s agreement processes. The funds aim to accelerate Evisort’s growth in global markets by continuing to build its team infrastructure while investing heavily in research and development initiatives. This round was led by Alphabet’s venture arm GV with other strategic investors such as Salesforce Ventures, Andreessen Horowitz & Mubadala Capital also participating.
The company has seen exponential growth since launching in 2018 – having grown 5x over the last 18 months from Fortune 500 companies down to small businesses – handling billions in ARR across its global customer base. We’ve expanded rapidly with offices now open in London and Singapore, along with our headquarters located in San Francisco. With this new capital infusion comes opportunities for even more innovative features & services that meet the growing demand from our customers looking for improved AI-enabled automation technologies when managing their contracts.
Overview of the funding
The company has recently raised $100 million in funding to help grow its business. This is a significant milestone for the company and will provide it with the resources necessary to expand its business operations and enhance its product offerings.
The funding was provided by an investment of private equity and debt capital from a wide range of global investors including institutional investors, venture capitalist firms, and family offices. These investors have recognized the potential of the future growth opportunities of the company, as well as their commitment to creating products and services that are designed to meet customer demands.
With this new influx of capital, the company has created several new initiatives that include product enhancements, development and testing of new technologies, expansion into new markets, strategic partnerships across industries and sectors, investments in research and development projects, improved customer support services, building out internal teams with additional expertise in areas such as software engineering, marketing and more.
This significant funding shows a strong commitment from current shareholders and investors towards further development efforts into taking the company’s products/services to a next level while growing its customer base through strategic partnerships/alliances. It demonstrates well that these stakeholders are confident in their belief that this form of partnership will provide users with better experiences powered by quality products/services in turn creating loyal customers for long-term success for the organisation.
What is Evisort?
Evisort is a software company developing AI-embedded contract management solutions. It helps enterprises automate their document processing and extraction, keeps track of the complexities of contract management, and provides insights into their legal obligations.
Recently, the company secured $100 million in Series B funding to expand its product to more businesses worldwide.
What is AI-powered contract management software?
Evisort is a leading provider of Artificial Intelligence (AI)-powered contract management software designed to identify patterns within unstructured data. This technology can read, understand, analyze, and act on contracts written in any language. The software eliminates manual processes and streamlines contract lifecycles by utilizing machine learning algorithms and artificial intelligence to save time on document review and analysis.
Evisort provides an automated workflow that helps businesses streamline contract tasks including document classification, identification of critical terms, tracking of obligations and timelines, automated drafting, onboarding of new partners, security checks for internal and third-party users, risk notifications, dispute resolution options in case of conflicts between the parties involved and more.
Evisort’s AI technology allows businesses to secure processing speed improvements with increased accuracy for contract-related business operations. It also enables secure storage of documents along with tracking changes made throughout the entire lifecycle. In addition, it provides detailed analytics related to customer performance metrics that can be used for trend analysis or identifying potential areas for improvement in process efficiency or resource utilization.
What sets Evisort apart from its competitors?
Evisort is an artificial intelligence-powered enterprise platform that automates document processing. It has a unique set of features and capabilities that sets it apart from its competitors.
Evisort uses a combination of natural language processing (NLP) and computer vision to automatically extract data from documents, such as contracts and invoices. This enables companies to quickly process thousands of documents in one go, eliminating manual processes such as data entry and enabling them to focus on more important tasks.
The platform also provides insights into key performance metrics for organizations, helping them better understand their contracts and make data-driven decisions. Additionally, Evisort allows users to store all contract documents securely in one place, ensuring compliance with industry regulations. Finally, the company has integrated tools such as Microsoft Azure Active Directory that provide an extra layer of security around user authentication.
Overall, Evisort offers its clients an AI-powered solution that combines automated document processing with insights into key performance metrics and other features designed to provide streamlined efficiency and secure operations.
The Funding
Evisort, a software company that embeds artificial intelligence (AI) into its contract management systems, has announced a new funding round of $100 million.
This capital injection will provide the company with the resources and capability to grow its presence in the contract management space. With this funding, Evisort is well positioned for success with its innovative approach to contract management.
Who are the investors?
The company’s most recent round of funding was spearheaded by Tencent, the Chinese tech giant. Other investors who participated in the round include Iconiq Capital, Sequoia Capital, and Lightspeed Venture Partners, as well as smaller backers such as Eclipse Ventures and Affirma Capital.
The investment comes at a time when the company is continuing to grow its presence in Asia and overseas markets. In exchange for the investment, Tencent will take a minority stake in the company. The funding will provide additional capital to help the firm expand its development resources and market reach.
How will the funds be used?
The $100 million in funding is intended to meet the company’s specific goals, which are outlined as follows:
-Expand the company’s product and service offering by investing in research and developing new products and services.
-Explore strategic opportunities such as acquisitions, joint ventures, or strategic partnerships to accelerate growth.
-Improve existing core technologies with a focus on increasing reliability, scalability and customer experience.
-Enhance operational infrastructure to improve internal efficiency and external customer service capabilities.
-Accelerate hiring of top talent across all departments.
-Invest in marketing initiatives to increase brand awareness around the world.
-Improve financial capability through capital allocation optimization techniques.
What This Means for Evisort
The $100 million funding raised by Evisort could be a game-changer for the company as it looks to expand its contract management software. AI-powered, Evisort’s goal of reducing transaction times and improving customer experience has been further bolstered by this influx of capital.
With this additional money, the company can now invest in expanding their services and innovating their technology. Let’s delve deeper into what this $100 million funding could mean for Evisort.
Expansion of product capabilities
The significant amount of funding raised by Evisort will contribute to significant product growth and expansion. The strategic use of this capital will enable Evisort to build a powerful suite of AI-driven products, including the rapid development of contract analysis and various document management capabilities for workflow automation. This increased focus on technology development has several areas of potential benefit, such as:
1. Increased efficiency in creating, processing, and approving contracts automating the most tedious parts and providing improved user experience;
2. Accessible analytics and reporting around contract management that makes it easier to track agreements, commitments, and changes;
3. Increased scalability offering enterprise-wide compliance, transferable licenses across multiple accounts, more secure storage options;
4. Augmented reality technology integrating virtual document management into communication allowing real-time collaboration between remote teams through wearable technologies such as a HoloLens;
5. Accessible analytics centralizing data on a secure dashboard so customers can quickly analyze data points without always having to access the corresponding documents or applications.
These product enhancements will allow Evisort to capitalize on its expanding customer base while delivering increased utility across its range of services for companies large and small alike.
Conclusion
Overall, the company is in a very strong financial position & has the potential for even greater growth as it looks to expand its operations & customer base.
The $100 million in funding enables the company to have access to additional resources which will help them reach their goals. With their current capital, they can further invest in digital marketing & customer oriented services, which should lead to another round of significant growth in the future.
With careful implementation of strategies and initiatives currently being undertaken, they will achieve improved performance & expansive gains over time.
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