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It seems the North American employment market can hardly handle the vast windfall it’s been handed, with 100K new jobs popping up every quarter and unemployment in the low single digits. The bottomless hunger for manpower is driven mainly by the tech sector, which should come at no surprise. Add to this booming job market new technology in the exciting AI sector, and it seems everyone with a CS degree should be spoiled for career choices by now.
One of the most outstanding stories in the new AI sector is Evisort. This company, founded only a few years ago by a top-notch mixture of talent from MIT and Harvard Law, set out to accomplish what no company had done before: create an artificial intelligence-powered contract management system that is capable of “reading” contracts. Thanks to the latest developments in deep learning algorithms and some clever applications, the company attracted thrilling rounds of investor funding totaling more than $5 million. This came from start-up incubators like Amity Ventures and Village Global, backed by visionaries such as Jeff Bezos, Mark Zuckerberg, and Bill Gates.
Positions at Evisort
As of this writing, Evisort is looking to fill positions at its San Mateo, California, office. Careers at Evisort currently include:
- Product UX design
- Senior and staff software engineers
- Data scientists
- Customer success manager
- Recruiting coordinator
- Demand generator
Evisort has been in a hiring frenzy for a while already, expanding their operations to new offices as every month sees them picking up new Fortune 500, AM 100, and enterprise clients. This tells us that Evisort must be doing something pretty special, so let’s examine what that is.
How Evisort Works
Evisort is a contract management system powered by deep-learning algorithms. It scans in a legal document, typically a contract, and parses it for key data points which it can then digest into databases, automated alerts, and other services. It’s been described as “Google for contracts,” but there’s much more going on.
In business legal departments, you frequently need fast answers to questions such as:
- What are the termination triggers for this contract? (What conditions will constitute a breach, forfeiture, etc.?)
- How does this contract specify the procedure for dispute resolution?
- If this contract is breached, what are the damages incurred?
- When does this contract expire?
- What terms of confidentiality are laid out in this contract?
In the pre-Evisort era, these questions would be directed at a legal team that would need a day or two to study the pile of paperwork and retrieve the answers. Now it can be done in seconds. This is important because the average legal professional might have to handle dozens of contracts in a single day. Communications between legal departments and the rest of the company hinge on accurate answers while taking too much time to provide those answers can cost the company in lost opportunities.
Evisort’s AI algorithms can do this because legal language, similar to programming languages, is a highly formalized and specialized standard. Look through something like an End User License Agreement or the Terms of Service, and you’ll see sections, paragraphs, and language very similar from one instance to another. While general-purpose “reading” is beyond the scope of AI now – we’re a long way from a computer being able to profitably read War and Peace – parsing a contract for semantically matched terms is at last possible.
Evisort’s founders
Evisort begins with Jerry Ting, Harvard Law graduate, who noticed that most of a lawyer’s day is spent reviewing hundreds of pages of documents. Ting’s inspiration to create Evisort was that if a car can drive itself, similar AI methods could be trained to pull key terms out of a contract. Together with Harvard Law colleague Jake Sussman and MIT graduate Anime Anoun, Ting compiled a team that reached for a new innovation that few dared to tackle.
Since then, Evisort’s headcount has grown at an exponential rate. Their market is nearly limitless since contracts are the life’s blood of the business world, but not every business wants to retain a staff of full-time lawyers just to be professional readers. Automated data extraction in every field is a growing innovation space, and we can expect many more such specialized companies for other fields in the future. For now, Evisort is the pioneer of AI-assisted business models.
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