US-based contract management platform provider Evisort secured $35m yesterday in a series B round featuring M12, a corporate venture capital unit for software producer Microsoft.

Growth equity firm General Atlantic led the round and was joined by Amity Ventures and Vertex Ventures.

Evisort’s cloud-based platform uses artificial intelligence technology to help businesses categorise and manage their contractual documents. Its contract lifecycle management software is used by customers operating in the banking, healthcare and enterprise technology sectors.

The company, which was founded in 2016 by researchers from Harvard Law and Massachusetts Institute of Technology, will use the proceeds of the series B round to expand its offering and grow its customer success team.

Microsoft and Vertex Ventures co-led a $15m series A round for Evisort in December 2019, with investments from Amity Ventures and Serra Ventures. It had received $4.5m in a February 2019 seed round co-led by Amity Ventures and Village Global that included Serra Ventures.

Evisort, a US-based contract management platform provider founded by researchers from Harvard University and Massachusetts Institute of Technology, has raised $35m in a series B round led by General Atlantic.

M12, a corporate venturing unit for software producer Microsoft, Amity Ventures and Vertex Ventures also took part.

Evisort’s cloud-based platform uses artificial intelligence technology to help businesses categorise and manage their contractual documents.

The company’s contract lifecycle management platform is used by business customers operating in the banking, healthcare and enterprise technology sectors.

The business will use the proceeds of the series B round to expand the offering of its platform and grow its customer success team.

Evisort has raised $55.5m of funding since it was founded in 2016.

Microsoft and Vertex Ventures co-led a $15m series A round for Evisort in 2019, with investments from Amity Ventures and Serra Ventures.

The business received $4.5m in a seed round co-led by Amity Ventures and Village Global in February 2019, which also included Serra Ventures.