Evisort, an artificial intelligence-based contract management company, today announced that it has raised $4.5 million in seed funding.
In a post here in December, I write that Evisort “might just be the hottest legal tech and AI company you’ve never heard of.”
The funding round announced today was led by Village Global and Amity Ventures with participation from Serra Ventures, as well as industry executives from Accenture, Ropes & Gray, SAP, and Walt Disney.
Evisort’s flagship product, Document Analyzer, is a cloud-based AI and text-mining application that helps companies mine contracts for data. It automatically searches, analyzes, sorts and categorizes contracts; extracts from them key information and metadata; and can then build custom reports around a variety of customizable parameters.
It is designed to work out-of-the-box to identify more than 50 search and reporting fields, with no training or configuration required.
Its customers include Stack Overflow and TravelZoo.
“Organizations we talk to today are actively looking for automation around contracting, but most store their contracts in shared folders without analytics or the ability to search PDF documents,” Jerry Ting, Evisort’s CEO and cofounder, said in a statement. “I’m excited to enter Evisort’s next chapter and continue building out our AI technology.”