Fresh on the heels of its $15 million Series A funding round in December, the artificial intelligence contract management company Evisort is today announcing plans to release a new workflow module that will offer pre-signature contract-generation and approval workflows in combination with the company’s post-signature contract analytics.
Evisort says that the new module, slated for release in the second quarter of this year, will enable companies to unify their contracting process within a single, centralized framework.
Those attending Legalweek this week can the module demonstrated at the Evisort booth, which is Booth 3008 in Americas Hall 2, or by scheduling a demo by emailing email@example.com.
Users will be able to generate contracts based on templates and approved legal language to accelerate deals.
The module will streamline the pre-signature contract creation and approval process with highly customizable contract generation and workflow capabilities, Evisort says. Using AI trained on millions of documents, the tool will help companies close contracts more quickly through a modern contract review intake process and triaging system.
The new pre-signature system will integrate seamlessly with its existing contract analytics product, Evisort says.
Evisort was founded in 2016 by two Harvard Law School students, Jerry Ting and Jake Sussman (who both graduated last year), and MIT student Amine Anoun. Their vision was to build a platform that used AI to help companies mine their contracts for insights and key information by turning unstructured text into structured data.
Users can have visibility into where the pending contract is in the approval process and reviewers can set up workflows to optimize their tasks.
In December 2018, they introduced their flagship product, Document Analyzer, a cloud-based AI and text-mining application that helps enterprises analyze and manage their contracts.
Last month, they announced a Series A funding round of $15 million, led by Vertex Ventures, part of a global network of funds backed by Singapore-based Temasek, and Microsoft Corporation’s M12 Ventures, with participation by Amity and Serra Ventures. Earlier last year, they had raised $4.5 million in seed funding, on top of an initial angel round.
When I spoke to Ting at the time of the investment last month, he told me that a major goal for the company is to build a true end-to-end product for managing legal documents within an enterprise. While other AI contracts products focus on signed documents, none provide a solution that manages the full document lifecycle, he said then.
With the pre-signature module announced today, it appears that Evisort has taken a major step towards achieving that goal.