Evinced raises $55M to meet growing demand for digital accessibility
Evinced raises $55M to meet growing demand for digital accessibility
The Israel-founded startup began generating revenue in February 2021 and has doubled its sales every year since.
Evinced, a software company developing accessible web and mobile solutions, has raised $55 million in a Series C funding round. The round was led by Insight Partners, the lead investor from the previous round, with participation from existing investors M12 (Microsoft's investment fund), BGV, Capital One Ventures, and Engineering Capital. Additionally, Vertex Ventures Israel joined as a new investor. With the completion of this round, the company's total funding has reached $112 million. All the funds have been added to the company’s reserves, and its valuation has significantly increased, Gal Moav, co-founder and GM of Evinced Israel, told Calcalist.
"We are experts in cloud and virtualization. Many of the funds we approached in the past warned us about the risks of focusing on accessibility, saying it was a challenging field. However, our persistence has paid off. In the wake of the COVID-19 pandemic and global protest movements, there has been a surge in demand for accessibility, and there is still much work to do in this area," Moav explained.
Evinced was founded in 2018 by CEO Navin Thadani and Moav to integrate accessibility into web and mobile development. The two met during their joint work at Ravello Systems, a startup that was founded by serial entrepreneurs Rami Tamir and Benny Schnaider and sold to Oracle in 2016. Thadani was a part of Ravello Systems’ founding team, and after its acquisition served as VP of Product Development at Oracle. Headquartered in Palo Alto, California, the company also has offices across the U.S., Europe, and Tel Aviv, Israel. It currently employs over 100 people and plans to expand its team significantly by the end of 2025.
"We intend to double our workforce in Israel within the next year, but we’re mindful of not growing too quickly," Moav added. "We currently have 45 employees in Israel and dozens more overseas, mainly in Eastern Europe, where we conduct much of our development work."
Evinced began generating revenue in February 2021 and has doubled its sales every year since. "We are in excellent shape for a company of our age, which has given our investors the confidence to support another funding round," Moav said. "We prioritized an offer from an existing investor to expedite the process, and their terms were favorable. At the same time, we brought in Vertex Ventures as a new investor."
Evinced anticipates significant growth as more companies face challenges with traditional approaches to digital accessibility. This growth is further supported by U.S. courts expanding the interpretation of the ADA to include digital assets and the EU's mandatory accessibility regulations, which will come into effect by the end of June 2025.
