The largest round of financing in legal AI history.
Written by: Heart of the Metaverse
Legal tech company EvenUp has not only secured the largest financing in legal AI history at $135 million, but its proprietary AI model Piai™ outperforms OpenAI's GPT-4 in handling personal injury cases. Here is our 35th issue, enjoy.
Recently, EvenUp successfully completed a massive $135 million financing round led by Bain Capital Ventures, with participation from Premji Invest, Lightspeed Venture Partners, Bessemer Venture Partners, and others, laying a solid foundation for accelerating innovation in legal tech.
As a pioneer in legal claims AI technology, EvenUp is dedicated to optimizing traditional claims processes through artificial intelligence and data analysis, helping law firms achieve efficient and precise quantitative support in case evaluation and compensation calculation.
This round of financing not only reflects the market's emphasis on legal tech but also marks EvenUp's potential in promoting fairness and transparency in legal services.
01. 1-Minute Project Overview
1. Project Name: EvenUp
2. Established: 2019
3. Product Overview:
EvenUp applies machine learning and its AI model Piai™ to reduce manual workload and maximize optimization of case outcomes in the personal injury value chain. The Claims Intelligence Platform™ combines internal legal expertise with proprietary AI and software to analyze records.
4. Founding Team:
- CEO: Rami Karabibar
- COO: Raymond Mieszaniecr
- CLO: Saam Mashhad
5. Financing Status:
- On April 6, 2023, completed a $50.5 million Series B financing led by Bessemer Venture Partners;
- On November 1, 2023, completed a $35 million Series C financing led by Lightspeed Venture Partners;
- On October 8, 2024, completed a $135 million Series D financing led by Bain Capital Ventures.
02. "Making Fairness Simpler"
The founding intention of EvenUp stems from the prevalent resource imbalance in the legal claims process.
In traditional claims processes, plaintiff attorneys often spend a significant amount of time gathering case data and calculating reasonable compensation amounts, while insurance companies and large corporations have abundant resources to profit from.
The founding team recognized that leveraging technology could significantly shorten this process, enhance the bargaining power of plaintiffs, and provide a fairer opportunity for the injured.
With this idea in mind, the company has focused on artificial intelligence and data analysis since its inception, striving to help users estimate compensation ranges through data-driven methods and automate the generation of legal documents to support the litigation process.
Most team members have backgrounds in computer science, artificial intelligence, or law, and have previously worked at well-known legal tech companies or law firms. Through years of continuous optimization, the company has gradually improved its AI system and gained recognition from several prestigious law firms.
EvenUp states: "Our mission is to provide a fair competitive environment for personal injury cases. We believe that every injury case should be resolved based on its true circumstances."
03. Proprietary AI Model Piai™
In personal injury claims processing, precision and accuracy are crucial. While AI models can assist in completing certain tasks, the complexity of drafting high-quality claims documents requires far more than simple automation. Relying solely on AI can lead to errors, missing key information, resulting in claim delays and underestimations, causing significant financial losses for victims.
EvenUp integrates artificial intelligence with expert human review, and its proprietary Piai™ system has obtained SOC2 and HIPAA certifications, ensuring high precision and human care.
- Entity Extraction: Transforms chaotic case files into clear, actionable insights.
- Relationship Mapping: Classifies relevant information, eliminates redundancy in damage compensation, coordinates provider discrepancies, and uncovers key insights that may affect case outcomes within thousands of pages of materials.
- Output Production: Adheres to company-specific language and formatting requirements, with line-item citations for easy verification.
- Quality Control: Achieves reliable results through legal and medical expertise.
This system has been deeply trained on hundreds of thousands of personal injury cases and works closely with a world-class team of over 100 legal, medical, and legal support experts, collectively handling thousands of claims and medical timelines each week.
Given that each plaintiff typically faces only one case that could impact their future, EvenUp deeply understands the significant responsibility it bears. Therefore, the company employs a dual strategy—combining AI with human review to ensure that every plaintiff receives the fair treatment they deserve.
When comparing EvenUp's Piai™ with general off-the-shelf models (such as OpenAI's GPT-4) in handling personal injury cases, the differences are significant.
Piai™ not only excels in multiple core areas but also maintains high performance across several key tasks required for handling personal injury cases. Here are three notable advantages of Piai™ over GPT-4:
- Medical Expenses: Piai™ achieves a 95% accuracy rate in identifying medical expenses, while GPT-4 only reaches 80%.
- Treatment Methods: Piai™ has a treatment method identification accuracy of 91%, compared to GPT-4's 79%.
- Service Date Mapping: Piai™ maps service dates to providers with a 90% accuracy rate, significantly surpassing GPT-4's 68%.
From this perspective, if there is a 20% bill omission when handling 100 cases (with each omitted bill averaging a $5,000 impact), attorneys could lose over $100,000 in claim value.
EvenUp effectively addresses this issue through its solutions, ensuring that all relevant bills are recorded and maximizing the claim value of each case, further emphasizing the high demand for precision in personal injury claims.
In 2020, EvenUp was the first to launch an AI-based demand package, which has now become a leader in the field of personal injury AI and document generation. To date, approximately 100,000 demand packages and medical timelines have been delivered.
04. New Features of the Claims Intelligence Platform™
This latest $135 million financing has valued EvenUp at over $1 billion, marking the largest round of financing in legal AI history.
With this funding, the company has launched four new features as part of its Claims Intelligence Platform™ supported by Piai™, aimed at providing insights at critical stages of the case lifecycle, transforming client workflows to maximize claim value as quickly as possible.
Case Preparation is the first product in its category to proactively assist case managers in making optimal decisions throughout the case lifecycle, including identifying issues, precedents, and missing medical bills and records before demands are made, improving case preparation quality and reducing resolution time.
Negotiation Preparation helps professionals understand the strengths and weaknesses of key cases in a simplified manner.
Execution Analysis provides rich insights (such as treatment continuity, demand delays, etc.) and robust industry benchmarks, enabling the company to reach new performance levels, thereby promoting optimal performance in its operations.
Settlement Repository employs a data-driven approach to resolve outcomes, ensuring personal injury attorneys achieve the best results for their clients.
This financing will help EvenUp expand its product line and venture into more areas of legal services.
In addition to existing claims assessment tools, the company plans to develop AI tools for various legal fields such as medical malpractice, consumer protection, and labor disputes to address the needs of different case types.
The launch of new products will empower legal professionals worldwide to tackle diverse case challenges, create a more efficient and intelligent legal tech ecosystem, and further solidify EvenUp's competitive advantage in the legal tech market.
Reference Links:
https://www.evenuplaw.com/
https://www.channelnewsasia.com/business/legal-ai-company-evenup-valued-over-1-billion-latest-funding-round-4665711
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