Artificial intelligence-powered contract management startup Evisort Inc. has raised $15 million in new funding, the company announced today.

The Series A round was led by M12, Microsoft Corp.’s venture fund and included Amity Ventures and Serra Ventures. The money will be used to hire more people, expand product offerings, enhance its customer experience and launch a new research and development office in Canada.

Founded in 2016, Evisoft uses AI algorithms to help companies mine contracts for data. The AI is designed to understand meaning and context in legal language automating the work of reviewing, assessing, approving and tracking any legal documents.

The software reads and visualizes more than 50 key data points, such as payment tables and contract expiration dates, as well as key legal clauses covering contracts relating to a business action or relationships. In addition, the software can analyze statements of work, invoices, purchase orders, service level agreements and rebate tables to check them against existing contract requirements and conditions.

Evisort’s platform is available both on Amazon Web Services Inc. and as a hosted product, or on-premises.

The company said it has signed up more than 100 enterprise customers this year alone. Notable clients include Brooks Brothers Group Inc., Cox Automotive Inc., Fujitsu Ltd., TravelZoo and Sweetgreen Inc. The company estimates that it’s currently helping customers manage more than $40 billion worth of corporate contracts.

“Our goal is to relieve legal and procurement teams from the labor-intensive process of managing contracts and empower them with the insights they need to truly do their jobs,” co-founder and Chief Executive Officer Jerry Ting said in a statement. “Legal documents exist well beyond the legal team and automating that paper trail has a direct impact on the speed at which a company does business.”

Including the new funding, Evisoft has raised $20.6 million to date.

Photo: Evisoft