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Evisort, a cloud-based contract management system that uses artificial intelligence to extract legal terms and relevant data. In the span of six seconds, the application can pull out key information from a 30-page contract.
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AI powered contract management platform Evisort announces $4.5 Million Seed Ayurella Horn-Muller Contributor Forbes.com
AI powered contract management platform Evisort announces $4.5 Million Seed Ayurella Horn-Muller - Contributor We live in a world where automation is swiftly becoming a given. Such a mindset is what Jerry Ting has embraced in his role as CEO and cofounder of 30 Under 30 Evisort; a cloud-based contract management system that uses artificial intelligence to extract legal terms and relevant data. In the span of six seconds, the application can pull out key information from a 30-page contract. It’s this union of speed and efficiency—minimizing a process that otherwise takes hours—that propelled Evisort to catch the eye of everyone from a Columbia Business professor teaching his MBA students about the dubbed “Google for Contracts” to the likes of Mark Zuckerberg, Bill Gates and Jeff Bezos. The three tech titans are backers at Village Global, an early-stage venture capital. Village Global is joined by Amity Ventures in leading Evisort’s seed round of $4.5 million; news the startup announced earlier today. Serra Ventures also participated in the round, as did executives at Walt Disney, Accenture, Ropes & Gray and SAP. The raise will help the A.I.-powered startup move forward into the next stage of their journey: scaling out a platform and user reach.“We don’t have a specific industry focus, and we don’t have a limitation to the size of the customer we work with,” says Ting. “So that means we can go to America’s largest retail banks, and analyze millions of documents a year, all the way down to a civil engineering firm in North Dakota and be their contract management system.”
Needless to say, this also means that Ting and his team at Evisort have access to market their contract mining system to just about any modern company. Currently, the majority of their customers are in the legal space, but they plan to expand to do more work with fintech businesses in the year to come. “It’s funny, because you can’t say I don’t know the customer,” Ting remarks good-naturedly. After all, he was a budding Harvard Law School student when he decided to focus on a solution to a time-consuming staple of the field he was preparing to enter. “I never actually wanted to build a company. I wanted to be a lawyer, that’s my background,” he reveals. “I started talking to advisors and alumni about how to be a better lawyer, and everyone told me the same thing: ‘You’re going to be sitting there late at night in a law firm and you’re going to be looking through PDF documents, looking for the same thing over and over again.’” Hours upon hours of slaving over contracts is precisely the type of thing that data science begs to automate. Market opportunity identified, Ting paired up with fellow Harvard Law classmate Jake Sussman and then-MIT student, Amine Anoun, and the three co-founded Evisort in 2016 out of Harvard’s Innovation Labs. Since then, they’ve invested in developing their patent-pending tech. Only last year did they graduate and set up offices in Boston and Silicon Valley. In the same period of time, they landed their first customers, which include Fortune 500 companies and AM Law 100 firms. Automation is a timely trend, according to Evisort’s CEO. He’s readying for their latest product launch, primed to release later this year: automated contract review. “Commercializing technology in 2019 is very much a reality. And we're seeing results from customers. So I'm excited to keep commercializing; going to organizations where they might not even think about having AI. I want to present a solution that can solve business problems.”
Needless to say, this also means that Ting and his team at Evisort have access to market their contract mining system to just about any modern company. Currently, the majority of their customers are in the legal space, but they plan to expand to do more work with fintech businesses in the year to come. “It’s funny, because you can’t say I don’t know the customer,” Ting remarks good-naturedly. After all, he was a budding Harvard Law School student when he decided to focus on a solution to a time-consuming staple of the field he was preparing to enter. “I never actually wanted to build a company. I wanted to be a lawyer, that’s my background,” he reveals. “I started talking to advisors and alumni about how to be a better lawyer, and everyone told me the same thing: ‘You’re going to be sitting there late at night in a law firm and you’re going to be looking through PDF documents, looking for the same thing over and over again.’” Hours upon hours of slaving over contracts is precisely the type of thing that data science begs to automate. Market opportunity identified, Ting paired up with fellow Harvard Law classmate Jake Sussman and then-MIT student, Amine Anoun, and the three co-founded Evisort in 2016 out of Harvard’s Innovation Labs. Since then, they’ve invested in developing their patent-pending tech. Only last year did they graduate and set up offices in Boston and Silicon Valley. In the same period of time, they landed their first customers, which include Fortune 500 companies and AM Law 100 firms. Automation is a timely trend, according to Evisort’s CEO. He’s readying for their latest product launch, primed to release later this year: automated contract review. “Commercializing technology in 2019 is very much a reality. And we're seeing results from customers. So I'm excited to keep commercializing; going to organizations where they might not even think about having AI. I want to present a solution that can solve business problems.”
