Microsoft is getting behind Evisort, a startup that makes artificial intelligence software to automate processing and tracking of corporate contracts.
Microsoft’s investment arm M12 co-led a $15 million Series A round for the San Mateo, Calif. startup, along with Singapore-based venture capital firm Vertex Ventures. M12 invests in startups that make products for other businesses using technologies in Microsoft’s wheelhouse, such as cloud computing and AI. M12 has offices in Seattle, San Francisco, London and Israel.
Evisort can review, analyze, approve and track documents such as contracts, statements of work, invoices, purchase orders, service-level agreements and more. The software reads more than 50 key data points, including payment tables and contract expiration dates, freeing up teams to spend their time making strategic decisions rather than processing large documents.
Evisort will use the cash infusion to expand its team, product offering and customer experience. The 35-person company plans to open a new research and development office in Montreal and staff it with 10 technical employees.
Contracts are core to every business, and the market for managing them is growing. One of the big names in that field is Icertis, the Bellevue, Wash. company that raised $115 million earlier this year to push its valuation above $1 billion.
Since launching its AI platform late last year, Evisort has landed more than 100 enterprise customers, including Brooks Brothers, Cox Automotive, Fujitsu, TravelZoo and Sweetgreen. Customers are using the platform to manage more than $40 billion in contracts, the company estimates.