EvenUp Inc., a startup that provides artificial intelligence services for personal-injury document generation, today announced it raised $135 million in a late-stage round valuing the company at more than $1 billion.
Bain Capital Ventures led the Series D funding round, which brought the total funding for the company to $235 million. The round also attracted investments from Premji Invest, Lightspeed Venture Partners, Bessemer Venture Partners, SignalFire and B Capital Group.
EvenUp provides a claims platform for personal injury law firms powered by its own proprietary AI model known as Piai, which the company says is trained on hundreds of thousands of injury cases, millions of medical records and internal legal expertise.
“At EvenUp, our mission is to close the justice gap through the power of technology and AI,” said co-founder and Chief Executive Rami Karabibar. “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.”
According to the company, its platform is used by over 1,000 law firms and has been used to claim more than $1.5 billion in damages and its AI tools have flagged more than $200 million in missing documents, leading to settlement increases of up to 30%.
“EvenUp’s powerful insights have reshaped how we make decisions,” said Steve Mehr, founder and partner at accident law firm 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.”
EvenUp’s flagship product Demands provides a broad suite of AI-powered tools for injury lawyers including medical summaries, robust estimates for losses, storytelling for losses of enjoyment and duties and more. According to the company, the service helps firms draft demand packages, freeing time for case managers and attorneys to focus on strategy.
Demand packages include circumstances of the incident, injuries sustained, amount of compensation requested, the basis of the demand, supporting evidence and more. These elements are busy work tied to collecting and compiling information that could be offloaded to an AI system.
Alongside the funding round, EvenUp announced a new suite of products spanning the personal injury lifecycle. They include Case Preparation, which proactively assists case managers with decisions and identifies missing documents early to simplify record review, and Negotiation Preparation, which provides an analysis of the case of key strengths and weaknesses. The company also provides a Case Companion chatbot that can hold conversations about details in legal documents, discuss key facts and help brainstorm ideas.
The global legal AI industry is a rapidly growing industry projected to reach $19.3 billion in 2033 from $1.5 billion in 2023, according to market research firm Market.us. It is driven heavily by document review applications, which are a fundamental form of knowledge work provided by legal workers, holding more than 32% of the market in 2023, AI-powered apps assist employees in getting their jobs done faster than the labor-intensive process of scrutinizing documents.