US-based contract management platform provider Evisort secured $35m yesterday in a series B round featuring M12, a corporate venture capital unit for software producer Microsoft.
Growth equity firm General Atlantic led the round and was joined by Amity Ventures and Vertex Ventures.
Evisort’s cloud-based platform uses artificial intelligence technology to help businesses categorise and manage their contractual documents. Its contract lifecycle management software is used by customers operating in the banking, healthcare and enterprise technology sectors.
The company, which was founded in 2016 by researchers from Harvard Law and Massachusetts Institute of Technology, will use the proceeds of the series B round to expand its offering and grow its customer success team.
Microsoft and Vertex Ventures co-led a $15m series A round for Evisort in December 2019, with investments from Amity Ventures and Serra Ventures. It had received $4.5m in a February 2019 seed round co-led by Amity Ventures and Village Global that included Serra Ventures.