Today, we’re thrilled to announce $135 million in new funding, which brings our valuation to over $1 billion.
This is one of the largest funding rounds in legal AI history, bringing our total funding to $235 million, with $220 million raised over the last 18 months. Our series D was led by Bain Capital Ventures, with participation from Premji Invest, Lightspeed Venture Partners, Bessemer Venture Partners, SignalFire, and B Capital Group.
With this new investment, we're excited to take momentous strides toward our mission of closing the justice gap through technology and AI, empowering law firms to deliver superior standards of representation. A big thank you to our 1,000+ personal injury law firm customers who are on this journey with us; your case is our cause. We are proud to have helped these firms claim over $1.5 billion in damages and flag $200 million in missing documents - putting more money back in plaintiffs' pockets faster.
Over the past few years, we have heard our customers' challenges and unearthed valuable insights from Demands™. Today, we’re excited to launch four new products as part of our Claims Intelligence Platform™ designed to deliver these critical insights at pivotal stages of the case lifecycle, transforming customer workflows to maximize claim value as quickly as possible. EvenUp’s Claims Intelligence Platform™ is powered by our AI model known as Piai™, which is trained on hundreds of thousands of injury cases and millions of medical visits.
Case Preparation is the first product of its kind to proactively help case managers make the best decisions across the lifecycle of their cases, including identifying problems, priors, and missing medical bills and records before a demand is ever written, improving the quality of case preparation, and reducing time to settlement.
Negotiation Preparation helps injury professionals ensure they’re never caught off guard with a streamlined view of key case strengths and weaknesses.
-Anthony Golden, Managing Partner at Anthem Injury Lawyers
As part of Case Preparation and Negotiation Preparation, attorneys are empowered with Case Companion, a cutting-edge legal AI assistant. Have a conversation with the information around your case, including what's written in the raw documents themselves. Unveil key facts, discrepancies, areas of opportunity and evidence — instantly.
-Michael McCready, Managing Attorney at McCready Law Injury Attorneys
Executive Analytics enables firms to reach new levels of performance by accessing rich insights such as treatment continuity, demand delays, and more, along with powerful industry benchmarks to promote best-in-class performance in their operations. EvenUp’s proprietary dataset is unmatched in the industry; allowing firms to benchmark against their peers locally and nationally.
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-Steve Mehr, Founder and Partner at Sweet James Accident Attorneys
Settlement Repository takes a data-driven approach to settlement outcomes, ensuring personal injury lawyers get the best results for their clients.
-Anthony Golden, Managing Partner at Anthem Injury Lawyers
SAN FRANCISCO—October 8, 2024—Today, EvenUp, the market leader in personal injury AI and document generation, announced it has raised a $135 million Series D round of funding and significantly expanded its AI workflow and product suite. The round was led by Bain Capital Ventures, with participation from Premji Invest, Lightspeed Venture Partners, Bessemer Venture Partners, SignalFire, and B Capital Group. This brings the company's total funding to $235 million, with $220 million raised over the last 18 months. One of the largest funding rounds in legal AI history, it puts EvenUp's valuation at over $1 billion.
"At EvenUp, our mission is to close the justice gap through the power of technology and AI," said Rami Karabibar, CEO and co-founder of EvenUp. "We empower personal injury firms to deliver higher standards of representation, with the goal of ultimately helping the 20 million injury victims in the U.S. achieve fairer outcomes each year. With our latest products, funding, and proprietary data, we're now better equipped to serve our customers. We're also excited to continue investing in our talent, expanding our world-class leadership team with recent executive leaders from public companies."
Over 1,000 law firms use EvenUp, which has helped them claim over $1.5 billion in damages. EvenUp has flagged $200 million in missing documents, leading to settlement increases of up to 30% – putting more money back in plaintiffs' pockets faster. Based on internal data analysis, EvenUp's flagship product, Demands, is 69% more likely than non-EvenUp demand letters to achieve a policy limit settlement.
EvenUp’s all-in-one Claims Intelligence Platform™ is powered by its AI model known as Piai™, which is trained on hundreds of thousands of injury cases, millions of medical records and visits, and internal legal expertise. The company’s new suite of products span across the personal injury case lifecycle and include:
Equip case managers and attorneys with the tools for successful representation
Enable firms to reach new levels of performance
Equip attorneys with new visibility into their historical settlements
EvenUp’s engineering and product teams, which span 100+ people, have shipped 50+ releases this year alone. Twenty percent of its customers are already multi-product users, and EvenUp drafts 1,000+ documents per week for its customers, positioning EvenUp as the largest AI-document drafting platform in the U.S. Revenue has grown over 100% year-over-year, and EvenUp has also more than doubled its workforce in the U.S. and Canada in the past 12 months.
“Everyone is looking for ways that Gen AI can help people in the real world, and EvenUp’s multi-product approach is the perfect example of that,” said Aaref Hilaly, partner at Bain Capital Ventures. “The work Rami and his team are doing in the legal technology space is unmatched, especially given the quality of data they provide to customers and their new workflow products. We are excited to double down and invest again in EvenUp as they embark on this new chapter.”
“We are beyond excited to partner with EvenUp, which is streamlining the day-to-day tasks of attorneys and case managers. The product velocity here is like no other – EvenUp will soon serve as the singular technology platform addressing nearly every pain point personal injury attorneys face,” said Sandesh Patnam, Managing Partner at Premji Invest.
“EvenUp’s powerful insights have reshaped how we make decisions,” said Steve Mehr, founder & partner at Sweet James. “Access to this type of business intelligence solidifies our position as the market leader. Their platform enables us to stay ahead of the competition while scaling with precision and confidence.”
“With first-of-its-kind transparency into case settlement outcomes, EvenUp truly lives up to its name by empowering advocates with accurate data, ensuring injured victims receive fair and full compensation,” said Bob Simon, co-founder of The Simon Law Group.
Find out more about EvenUp’s new products here: https://www.evenuplaw.com/
About EvenUp
EvenUp is on a mission to level the playing field in personal injury cases. EvenUp applies machine learning and its AI model known as Piai™ to reduce manual effort and maximize case outcomes across the personal injury value chain. Combining in-house human legal expertise with proprietary AI and software to analyze records. The Claims Intelligence Platform™ provides rich business insights, AI workflow automation, and best-in-class document creation for injury law firms. EvenUp is the trusted partner of personal injury law firms. Backed by top VCs, including Bessemer Venture Partners, Bain Capital Ventures (BCV), SignalFire, NFX, DCM, and more, EvenUp’s customers range from top trial attorneys to America’s largest personal injury firms. EvenUp was founded in late 2019 and is headquartered in San Francisco. Learn more at www.evenuplaw.com.
About Bain Capital Ventures
Bain Capital Ventures (BCV) is a multi-stage VC firm with over $10B under management investing across seven core domains—AI applications, AI infrastructure, commerce, fintech, healthcare, industrials and security. Leveraging the unique resources of Bain Capital, BCV deploys targeted support at every stage of the company-building journey. For over 20 years, BCV has helped launch and commercialize more than 400 companies including Attentive, Apollo.io, Bloomreach, Clari, Docusign, Flywire, LinkedIn, Moveworks, Redis and ShipBob. For more information, visit www.baincapitalventures.com.
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