Evisort Announces $4.5 Million in Seed Funding
2018 was a year of firsts for Evisort. Its founders, Jerry Ting (CEO) and Jake Sussman (COO) from Harvard Law and Amine Anoun (CTO) from MIT, graduated and then expanded Evisort’s operations from the Harvard Innovation Labs to offices in Boston and Silicon Valley. Evisort received investments from two venture capital firms, including Village Global which has Jeff Bezos, Mark Zuckerberg, and Bill Gates as limited partners, and Ting, Sussman and Anoun were named to the 2019 Forbes 30 under 30.
In the last 6 months of 2018 alone, Evisort headcount quadrupled to meet customer demand. Initially marketing the company’s AI-driven contract management system for contracts, the company landed its first customers in mid-2018 and since expanded to work with Fortune 500 corporations, Am Law 100 law firms, hot startups, and even professional sports teams. In December 2018, Evisort launched another product, Document Analyzer, which can track dozens of fields from contracts automatically for legal departments without any training or setup required by users.
Next up for Evisort will be a new contract review product, currently in development and planned for release in early Quarter 2, 2019. This new platform will allow clients to code their internal contracting guidelines into Evisort and automate contract review. Informed by the client’s encoded requirements, Evisort searches through contracts to red-flag and report on any provisions that fall outside of established standards. Already, the platform has received a positive response from Evisort’s clients, with beta customers subscribed for the initial launch and a waitlist building for the new product.
Jerry Ting (pictured), CEO and co-founder of Evisort, remarked: “The AI-enabled contract review and data extraction space is one of the most active, fast-growing, and exciting segments of today’s legal technology industry. Evisort has had a remarkable evolution since our founding at the Harvard Innovation Labs. Our company has grown exponentially, in large part thanks to our customers who are invaluable collaborators. Our clients are now working side-by-side with us as we design a contract review product to be uniquely useful and customizable for our present and future clients’ specific needs.”