TCV is leading a Series C investment for a fast-growing AI contract management company.
SAN MATEO, Calif. – Evisor, the no-code contract intelligence platform loved by legal, procurement and sales teams around the world, announced that it has raised $100 million in capital, including equity and debt financing at risk. This latest round of funding is led by a global growth investor VTC, a key investor in Airbnb, LinkedIn, Netflix and other market-defining companies. General partner of the TCV Amol Helekar will join the Evisort Board of Directors. This funding round includes participation from 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 performs another transaction, it creates a layer of contract data. We created Evisort because it is absolutely essential for organizations to easily access and manage this data in their contracts. We couldn’t be more grateful for the trust of our hundreds of customers to build this innovative technology with us,” said the co-founder and CEO of Evisort. jerry ting. “Now we will accelerate this momentum as these additional funds will complement our existing capital to further our vision of making contract operations stronger and more meaningful than ever.”
The company will use the funds to improve customer experience, continue to invest in its world-class product and accelerate global growth. This announcement follows recent hires of key executives, including Michaela Dempsey of Workday as Marketing Director, Steve Tucker of Docusign as Director of Sales, and Dwight Krossa of Knowable as VP of Product.
“At TCV, we are delighted with our investment in Evisort. We believe that Evisort’s proven AI platform solves increasingly important problems for many businesses – to extract value from contract data, streamline the procurement process and improve operations efficiency. legal,” said Amol Helekar, general partner at TCV and member of the board of directors of Evisort. “Contracts are at the heart of many critical functional areas such as legal, sales and procurement. The fact that Fortune 500 customers and midsize companies can implement and realize value with Evisort across all business functions in less than a month underscores the platform’s usability across all industries and use cases. use.
As evidenced by Evisort’s rapid revenue growth, companies are accelerating contract management operations because they have needed to:
- Identify data-driven opportunities to drive revenue, improve margins and reduce costs
- Eliminate manual tasks that lead to employee dissatisfaction and burnout
- Pivot quickly due to changing geopolitical conditions, ESG regulations and supply chain disruptions
Evisort’s market-leading AI supports all three 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 run faster and more efficiently, but it identifies and presents relevant information to help contract professionals and stakeholders achieve exceptional business results.
“Evisort has been instrumental in speeding up operations, reducing manual labor, managing risk and driving better business results,” said Connie Brentonvice 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 customers, and customer acquisition momentum continues to be strong. Clients include Bank of New York Mellon, Jelly Belly, Keller Williams, Microsoft, Motley Fool, NetApp, Otsuka Pharmaceutical, Vonage, etc.
Join Evisort and Keller Williams for an interactive meeting May 24 webinar webinar on how organizations can accelerate and improve the return on investment in contract management and increase the visibility of their procurement processes.
Other recent milestones for Evisort include:
- Received 10 Stevie Awards at the American Business Awards 2022, including God in the Legal Company of the Year, Legal Information Solution, Business or Competitive Intelligence Solution and Legal Solution categories.
- Win the Artificial Intelligence Excellence Award of the Business Intelligence group.
- Launched revolutionary Smart Dashboard functionality, an important addition to the company’s widely used contract intelligence platform
Evisort is the leading transformative business solution for contract management and analytics. Powered by proprietary artificial intelligence (AI) trained on more than 10 million contracts and billions of data points, Evisort’s technology analyzes the nuanced context and meaning of legal language and helps teams protect, evolve and accelerate their activities. Based in Silicon Valley, the company serves legal, IT, finance and procurement organizations worldwide. For more information about Evisort, visit evisort.comcall (888) 384-7678, email [email protected] or contact us at LinkedIn or Twitter.
Founded in 1995, TCV was created with a clear vision: to seize technology market opportunities with a specialized and consistent focus on investing in high-growth companies. Since its inception, the company has built a reputation for successfully supporting public and private companies that have become dominant industry players in internet, software, FinTech and enterprise computing. TCV has invested more than $16 billion to date and helped guide CEOs through more than 145 IPOs and strategic acquisitions. TCV has invested in leading 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 completed over 350 investments of various structures, including mid-stage, late-stage and public company investments, and has offices in Menlo Park, New York and London. For more information on TCV, including a full list of TCV investments, visit https://www.tcv.com/.