Evinced, a software company specializing in accessible web and mobile solutions, has raised $55 million in a Series C funding round, bringing its total funding to $112 million. The round was led by Insight Partners, with participation from existing investors M12 (Microsoft’s investment fund), BGV, Capital One Ventures, and Engineering Capital. Vertex Ventures Israel joined as a new investor. Gal Moav, co-founder and GM of Evinced Israel, highlighted that the funds have been added to the company’s reserves, significantly boosting its valuation.
The Rise in Demand for Accessibility
Despite early skepticism from investors about the accessibility market, Evinced has experienced increasing demand, driven by the global pandemic and social movements emphasizing inclusivity. “There is still much work to do in this area,” Moav stated, reflecting the company’s long-term commitment to addressing accessibility challenges.
Company Background and Expansion Plans
Founded in 2018 by CEO Navin Thadani and Gal Moav, Evinced focuses on integrating accessibility into web and mobile development. The duo previously collaborated at Ravello Systems, which was sold to Oracle in 2016. Headquartered in Palo Alto, California, Evinced also operates offices in Europe, the U.S., and Tel Aviv, Israel.
The company employs over 100 people and plans significant team expansion. “We intend to double our workforce in Israel within the next year,” Moav noted, with much of the development work conducted in Eastern Europe.
Financial Performance and Growth Trajectory
Evinced began generating revenue in February 2021 and has consistently doubled its sales year-over-year. This performance has bolstered investor confidence, allowing the company to prioritize existing partners and expedite funding negotiations.
Regulatory Tailwinds and Future Growth
Evinced anticipates robust growth as organizations face increasing challenges with traditional digital accessibility solutions. This is bolstered by legal and regulatory changes, including U.S. courts broadening the scope of the ADA to cover digital assets and mandatory EU accessibility regulations set to take effect by June 2025.
