General Atlantic has led a $35 million investment in Evisort Contract Management as AI-powered contract management in the legal field sees immense growth, Alex Crisses, managing director and co-head of emerging growth at General Atlantic, told PE Hub.
The Series B funding round, coming after Evisort saw its revenue grow by 4 times in 2020, pushes the company’s total funding to date to $55 million. Other investors that participated in the round included existing investors Amity Ventures, Microsoft’s venture fund M12, and Vertex Ventures.
Evisort, based in San Mateo, California, is a cloud-native technology provider that offers a suite of contract workflow and management capabilities to improve efficiency, reduce risk and gain visibility into any contract. According to the company, its AI-trained technology platform can read a 30-page legal document in 15 seconds, extract insights and make them actionable through integrations with ERP, CRM, HR, and finance systems.
General Atlantic’s investment in Evisort was led by the firm’s emerging growth strategy team, focused on backing businesses that grow close to and above 100 percent annually.
The LegalTech market where Evisort plays has experienced explosive growth during the remote environment, which made manual contracting processes nearly impossible, General Atlantic’s Crisses told PE Hub in an interview.
“Prior to COVID-19, legal business was paper- and people-driven, but that has been forced to adapt. And what they realized about adapting is that they are actually more efficient in utilizing technology, and that’s here to stay,” Crisses said. “Evisort is a perfect example of how they’re [those in the legal field] using AI to make the contract generation and management process more effective, efficient and productive.”
According to Crisses, there was a false premise in the legal field that things have to be done “in person.”
“Now with companies being forced to work remotely and not have the same connectivity, they have seen that they can actually do more with less spending and with more efficiency by utilizing Evisort,” the investor said.
With the new capital injection, Evisort plans to grow its customer experience team, expand its platform to include more workflow specific offerings, continue to push boundaries of its pre-trained AI, as well as boost the company’s sales and marketing.
In particular, Crisses believes the firm can fuel its go-to-market strategy, such that “more people can realize the benefit of what Evisort is doing,” he said. “The company can grow even faster simply by demonstrating the people the power of their products.”
“It’s really about sales and marketing execution and customer introductions – and that includes everything from our own portfolio, who uses the product, to really large customers within our network who will benefit enormously from Evisort’s value.”