TCV Leads Series C investment for fast-growing AI contract management company
SAN MATEO, Calif. , May 11, 2022 /PRNewswire/ -- Evisort, the no-code contract intelligence platform loved by legal, procurement, and sales operations teams worldwide, today announced it has raised $100 million in capital, including equity and venture debt financing. This latest round of funding is led by global growth investor TCV, a key investor in Airbnb, LinkedIn, Netflix, and other market-defining companies. TCV General Partner Amol Helekar will join the Evisort board of directors. This financing round includes participation by Breyer Capital and all major existing investors, including General Atlantic, Microsoft's venture capital fund M12, Amity Ventures, and Vertex Ventures.
"Every time an organization buys, sells, hires, or otherwise transacts, it creates a contractual data layer. We created Evisort because it is absolutely critical for organizations to easily access and manage this data inside their contracts. We couldn't be more grateful for the trust of our hundreds of customers to build this innovative technology with us," said Evisort Co-Founder and CEO Jerry Ting. "Now, we will accelerate this momentum as these additional funds will supplement our existing capital to further our vision for making contract operations stronger and more meaningful than ever."
The company will use the funds to enhance the customer experience, continue to invest in its world-class product, and accelerate global growth. This announcement follows recent key executive hires, including Michaela Dempsey of Workday as Chief Marketing Officer, Steve Tucker of Docusign as Chief Sales Officer, and Dwight Krossa of Knowable as Vice President of Product.
"At TCV, we are excited about our investment in Evisort. We believe Evisort's proven AI platform solves increasingly important pain points for many businesses – to extract value from contract data, streamline the contracting process, and improve the efficiency of legal operations," said Amol Helekar, General Partner at TCV and Evisort board member. "Contracts are core to many critical functional areas such as legal, sales, and procurement. The fact that Fortune 500 customers and mid-sized businesses alike can implement and realize value with Evisort across business functions in less than a month underscores the platform's usability across industries and use cases."
Reflected in Evisort's rapid revenue growth, enterprises are accelerating contract management operations as they have needed to:
- Identify data-backed opportunities to generate revenue, improve margins, and cut costs
- Eliminate manual tasks that drive employee job dissatisfaction and burnout
- Pivot rapidly due to evolving geopolitical conditions, ESG regulations, and supply chain disruption
Evisort's market-leading AI supports all three of these imperatives and more. Unlike most contract management solutions that focus on digitizing existing workflows, Evisort's cloud-native contract intelligence platform not only helps businesses operate faster and more efficiently, it identifies and surfaces relevant insights to help contract professionals and stakeholders deliver exceptional business results.
"Evisort has been instrumental in accelerating operations, reducing manual work, managing risk, and delivering better business outcomes," said Connie Brenton, Vice President, Strategy, Technology, and Operations at NetApp, Inc. and Founder of the Corporate Legal Operations Consortium (CLOC).
Evisort is committed to streamlining and automating contract management processes for its clients, and customer acquisition momentum continues to be strong. Customers include Bank of New York Mellon, Jelly Belly, Keller Williams, Microsoft, Motley Fool, NetApp, Otsuka Pharmaceutical, Vonage, and more.
Join Evisort and Keller Williams for an interactive webinar on May 24th on how organizations can accelerate and improve the return on their investment in contract management and build greater visibility into their contracting processes.
Additional recent milestones for Evisort include:
- Receiving 10 Stevie Awards in 2022's American Business Awards, including gold in the categories of Legal Company of the Year, Legal Information Solution, Business or Competitive Intelligence Solution, and Legal Solution
- Winning the Artificial Intelligence Excellence Award from the Business Intelligence Group
- Releasing the breakthrough Intelligent Dashboarding feature, a significant addition to the company's widely-used Contract Intelligence Platform
Evisort is the leading transformative business solution for contract management and analysis. Powered by proprietary artificial intelligence (AI) trained on 10M+ contracts and billions of data points, Evisort's technology parses the nuanced context and meaning of legal language and helps teams protect, scale, and accelerate their businesses. Headquartered in Silicon Valley, the company serves legal, IT, finance, and procurement organizations around the world. For more information about Evisort, visit evisort.com, call (888) 384-7678, email [email protected], or connect with us on LinkedIn or Twitter.
Founded in 1995, TCV was established with a clear vision: to capture opportunities in the technology market through a specialized and consistent focus on investing in high-growth companies. Since inception, the firm has built a track record of successfully backing public and private businesses that have developed into dominant industry players across internet, software, FinTech, and enterprise IT. TCV has invested over $16 billion to date and has helped guide CEOs through more than 145 IPOs and strategic acquisitions. TCV has invested in cutting-edge technology companies including Airbnb, Believe, Brex, Dream Sports, FarEye, Mollie, Nubank, Razorpay, RELEX Solutions, Revolut, RMS, Sportradar, Spotify, Trade Republic, The Pracuj Group, and Zepz. TCV has successfully executed over 350 investments of varying structures, including mid-stage, late stage and public company investments, and has offices in Menlo Park, New York, and London. For more information about TCV, including a complete list of TCV investments, visit https://www.tcv.com/.