Contract management is one of the most time-consuming business processes. However, it’s vital for business success, particularly within the legal industry.
If you have many contracts to manage, taking an antiquated approach to contract management can leave you in the dust of your competitors.
Contract management conventionally drains considerable time and resources from a company’s disposal. A failure to execute the function effectively can be the difference between success and failure in highly competitive markets.
Enter Evisort, an AI-powered contract management software solution that helps businesses categorize, search, and take important actions based on data. The concept grants time back to legal and HR professionals, who won’t need to spend as much time on mundane, laborious tasks.
Evisort makes extracting actionable information as simple as clicking a button, with all contracts being stored in a digital repository for easy access. The software leverages six different types of algorithms, which can draw insight from a vast array of legal contracts.
The platform has gathered significant traction in today’s modern business world. Organizations of all shapes and sizes can use it to minimize time-and money-sucking endeavors relating to document management.
The founders of Evisort capitalized on opportune market conditions, in an environment where many legal institutions don’t have an automated contract management tool.
So just how did Evisort begin?
How Did Evisort Start?
Evisort was founded by a team of Harvard Law and MIT researchers named Jake Sussman, Amine Anoun, and Jerry Ting. They collectively established the Evisort contract management concept, which was designed to extract meaningful insight from a considerable volume of contracts.
The AI they pioneered is capable of understanding the context and meaning in legal language, eradicating the need for parsing and manual data entry in legal business contexts. Despite Evisort being a relatively new company, it has already attracted the attention of elite customers like Cox Automotive, Brooks Brothers, Fujitsu, TravelZoo, Sweetgreen and many more.
It is already managing more than $40 billion worth of corporate contracts. It continues to raise considerable funding through various rounds, including fresh venture capital ahead of a huge planned expansion.
Evisort Secure $15 in Funding
Evisort recently announced it managed to secure $15 million in a funding round with Microsoft’s M12 and Vertex Ventures. By this stage, the amount the company raised had reached a staggering $20 million.
This was achieved following a subsequent $4.5 million seed round in February 2019. The funding has been reinvested into the Evisort team, which will experience considerable growth that aligns with company expectations.
The money will also be used to expand product offerings, with the launch of a new R&D office in Canada with a technical team of more than 10 members. The next stage for Evisort is to scale the platform and user reach, an attainable feat with no limitations on the size of customer Evisort can work with.
The funding suggests promising times ahead, where Evisort has gone from strength to strength since its inception.
What Are Some of the Benefits of Evisort?
There are many advantages to consider, all of which are huge incentives for investing in contract management software like what Evisort offers. Here are some of the leading benefits of using Evisort software:
- Increased Contract Visibility
- Shortened Approval Times
- Never Miss a Renewal Date
- Improved Audit Preparation
- Less Renewal Dates Missed
- Better Contract Compliance
- Better Document Management
Imagine excelling within each of these criteria, with your business weaknesses instantly converting into strengths. With Evisort’s contract management software fully integrated with your business functions, staff morale will naturally boost due to the minimization of mundane tasks.
Staff wellbeing will increase, as your workers can focus time on value-adding activities, without being tied down and demoralized by conventionally boring tasks.
Evisort seems set to evolve and receive even more funding, which will enable it to expand its operations globally.
