Software provider Microsoft has co-led a $15m series A round for US-based contract analysis platform developer Evisort with venture capital fund manager Vertex Ventures.
VC firms Amity Ventures and Serra Ventures also contributed to the round. They had taken part in Evisort’s $4.5m seed round, which Amity Ventures co-led with Village Global, in February this year.
Evisort has created artificial intelligence technology that can peruse documents, contracts or invoices to harness key data points, locate important information and present it visually. The company was founded by researchers at Harvard Law and MIT.
The funding will be used to expand the company’s product range, improve customer experience and increase headcount. It also intends to open a research and development office in Canada.
Nagraj Kashyap, head of M12, said: “Simply put, Evisort is creating the new command center for the operations team for mid-to-large enterprises. Evisort’s AI algorithms draw out the deepest insights for legal, procurement and financial teams, and are pushing the envelope on AI advancements.”
