The largest funding round in legal AI history.
Written by: Heart of the Metaverse
Not only has EvenUp, a legal tech company, raised the largest round of funding in the history of legal AI at $135 million, but its proprietary AI model Piai™ is even better than OpenAI’s GPT-4 in handling personal injury cases. Here’s our 35th episode, enjoy.
EvenUp recently successfully completed a huge financing round of US$135 million led by Bain Capital Ventures, with participation from Premji Invest, Lightspeed Venture Partners, Bessemer Venture Partners and others, laying a solid foundation for its accelerated legal technology innovation.
As a pioneer in AI technology for legal claims, EvenUp is committed to optimizing the traditional claims process through artificial intelligence and data analysis, helping law firms to achieve efficient and accurate quantitative support in case evaluation and compensation calculation.
This round of financing not only reflects the market's attention to legal technology, 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 Introduction:
EvenUp applies machine learning and its AI model, Piai™, to reduce manual workload and maximize case outcomes across the personal injury value chain, and the Claims Intelligence Platform™ combines in-house human legal expertise with proprietary AI and software to analyze records.
4. Founding team:
CEO: Rami Karabibar
COO：Raymond Mixed
CLO：Together Mashhad
5. Financing situation:
On April 6, 2023, it completed a $50.5 million Series B financing led by Bessemer Venture Partners;
On November 1, 2023, it completed a $35 million Series C financing led by Lightspeed Venture Partners;
On October 8, 2024, it completed a US$135 million Series D financing round led by Bain Capital Ventures.
02. "Making fairness simpler"
EvenUp was born out of a desire to address the resource imbalances that exist throughout the legal claims process.
In the traditional claims process, plaintiffs' lawyers often need to spend a lot of time collecting case data and calculating reasonable compensation amounts, while insurance companies and large companies have abundant resources to profit from it.
The founding team recognized that the use of technology could significantly shorten this process, increase the plaintiff’s bargaining power, 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 the scope of compensation through a data-driven approach and automatically generate legal documents to provide support for the litigation process.
Most of the team members have backgrounds in computer science, artificial intelligence or law, and have worked in well-known legal technology companies or law firms. Through years of continuous optimization, the company has gradually improved its AI system and has been recognized by many well-known law firms.
"Our mission is to level the playing field in personal injury cases," EvenUp said. "We believe every injury case should be resolved based on its true circumstances."
03. Proprietary AI Model Piai™
Precision and accuracy are critical in the processing of personal injury claims. While AI models can assist with some tasks, the complexity of drafting high-quality claim documents requires much more than simple automation. Relying solely on AI can lead to errors and omissions of critical information, which can lead to delayed and underestimated claims, resulting in significant financial losses for victims.
EvenUp combines artificial intelligence with expert human review, and its proprietary Piai™ system is SOC2 and HIPAA certified to ensure high accuracy and human touch.
Entity Extraction: Transform disorganized case files into clear, actionable insights.
Relationship Mapping: Sort relevant information, eliminate duplication of damages, reconcile provider differences, and discover key insights within thousands of pages that could impact the outcome of your case.
Output Production: Adhere to company-specific language and formatting requirements, while line-level quoting makes it easy to validate.
Quality Control: Get trusted results with legal and medical expertise.
The system is deeply trained on hundreds of thousands of personal injury cases and works closely with a world-class team of over 100 legal, medical and paralegal experts who together process thousands of claims and medical chronologies each week.
EvenUp understands the magnitude of its responsibility, given that each plaintiff typically faces only one case that could impact their future. As a result, the company is using a dual strategy—combining AI with human review—to ensure that each plaintiff receives the justice they deserve.
When comparing the performance and results of EvenUp’s Piai™ with general-purpose off-the-shelf models such as OpenAI’s GPT-4 in personal injury case processing, the differences are significant.
Piai™ not only excels in multiple core areas, but also maintains high levels of performance in multiple critical tasks required to handle personal injury cases. Here are three significant advantages of Piai™ over GPT-4:
Medical expenses: Piai™ can identify medical expenses with 95% accuracy, while GPT-4 can only reach 80%.
Treatment: Piai™ identified treatments with 91% accuracy, while GPT-4 was 79% accurate.
Service Date Mapping: Piai™ maps service dates to providers with 90% accuracy, significantly exceeding GPT-4’s 68%.
To put this into perspective, if 20% of bills are missed across 100 cases (with an average impact of $5,000 per missed bill), the attorney could lose over $100,000 in claim value.
EvenUp effectively addresses this issue with its solution, ensuring that all relevant bills are recorded and maximizing the claim value of each case, further emphasizing the extreme need for precision in personal injury claims.
EvenUp pioneered AI-powered demand packages in 2020 and has become a leader in personal injury AI and document generation, delivering approximately 100,000 demand packages and medical chronologies to date.
04. New features of Claims Intelligence Platform™
This latest $135 million in funding brings EvenUp’s valuation to over $1 billion, making it the largest funding round in legal AI history.
With the funding, the company launched four new features as part of its Claims Intelligence Platform™ powered by Piai™, designed to deliver insights at key stages of the case lifecycle, transforming customer workflows to maximize the value of claims as quickly as possible.
Case Prep is the first product of its kind to proactively help case managers make the best decisions throughout the case lifecycle, including identifying issues, precedents, and missing medical bills and records before a need arises, improving case preparation quality, and reducing time to resolution.
Negotiation preparation helps professionals understand the strengths and weaknesses of key cases in a simplified manner.
Executive analytics enables companies to reach new levels of performance by gaining rich insights (e.g. continuity of care, demand delays, etc.), along with robust industry benchmarks, thereby facilitating optimal performance in their operations.
The Settlement Repository takes a data-driven approach to settlement outcomes, ensuring personal injury attorneys receive the best possible outcome for their clients.
The financing will help EvenUp expand its product line and enter more legal service areas.
In addition to existing claims assessment tools, the company also plans to develop AI tools for multiple legal fields such as medical malpractice, consumer protection, and labor disputes to meet the needs of different case types.
The launch of new products will help legal professionals around the world cope with diverse case challenges, create a more efficient and intelligent legal technology ecosystem, and further consolidate EvenUp's competitive advantage in the legal technology market.
Reference Links:
1.https://www.evenuplaw.com/
2.https://www.channelnewsasia.com/business/legal-ai-company-evenup-valued-over-1-billion-latest-funding-round-4665711