EvenUp is a legal tech company focused on using AI to optimize the claims process in personal injury cases. It recently raised $135 million in funding, valuing it at over $1 billion. (Previous summary: Opinion) If the United States becomes a Bitcoin mining and AI center, UHV transformers will become Trump’s new concept stock) (Background supplement: Huida cooperates with SoftBank to launch three major projects: the first AI + 5G telecommunications network, building Japan’s most powerful supercomputer, AI market) Legal technology company EvenUp not only received the largest financing in the history of legal AI, US$135 million, but its proprietary AI model Piai even outperformed OpenAI’s GPT-4 in handling personal injury cases. One chip. EvenUp recently successfully completed a massive $135 million financing led by Bain Capital Ventures, with participation from Premji Invest, Lightspeed Venture Partners, Bessemer Venture Partners and others, laying a solid foundation for accelerating legal technology innovation. As a pioneer in legal claims AI technology, EvenUp is committed to optimizing the traditional claims process through artificial intelligence and data analysis, helping law firms achieve efficient and accurate quantitative support in case evaluation and compensation calculations. This round of funding not only reflects the market’s emphasis on legal technology, but also signals EvenUp’s potential to drive fairness and transparency in legal services. 1-minute project overview 1. Project name: EvenUp 2. Founded: 2019 3. Product introduction: EvenUp applies machine learning and its AI model Piai to reduce manual workload and maximize case outcomes in the personal injury value chain , a claims intelligence platform that combines in-house human legal expertise with proprietary AI and software to analyze records. 4. Founder team: CEO: Rami Karabibar COO: Raymond Mieszaniecr CLO: Saam Mashhad 5. Financing situation: On April 6, 2023, completed a $50.5 million Series B financing led by Bessemer Venture Partners on November 1, 2023 On October 8, 2024, it completed a $135 million Series D financing led by Bain Capital Ventures. "Making fairness simpler" The original intention of EvenUp was derived from the common resource imbalance problem in the legal claims process. In the traditional claims process, plaintiffs' lawyers often need to spend a lot of time collecting case information and calculating a reasonable amount of compensation, 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 from the early days of its establishment, striving to help users estimate the scope of compensation through a data-driven approach, and automatically generate legal files to provide support for the litigation process. Most of the team members have a background 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 for personal injury cases. We believe every injury case should be resolved based on its true circumstances," EvenUp said. Proprietary AI model Piai is as accurate as Accuracy is extremely critical. While AI models can assist with some tasks, the complexity of drafting high-quality claims files requires far more than simple automation. Relying solely on AI may lead to errors and omission of key information, which may lead to delays and underestimation of claims, causing significant financial losses to victims. EvenUp combines artificial intelligence with expert human auditing, and its proprietary Piai system is SOC2 and HIPAA certified to ensure high accuracy and humane care. Entity Extraction: Transform disorganized case files into clear, actionable insights. Relational Reflection: Categorize relevant information, eliminate duplication in damages, reconcile provider differences, and uncover critical insights across thousands of pages that could impact case outcomes. Output production: Comply with company-specific language and formatting requirements, while row-level citations make it easy to verify. Quality Control: Get results you can trust 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 more than 100 legal, medical and paralegal experts who collectively process thousands of claims and medical chronologies each week. EvenUp understands the weight of the responsibility, given that each plaintiff typically faces only one case that could impact their future. That’s why the company is employing a dual strategy—combining AI and human audits—to ensure that every plaintiff gets 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 cases, the differences are significant. Piai not only excels in multiple core areas, but also maintains high levels of performance in multiple key tasks required to handle personal injury cases. The following are three significant advantages of Piai over GPT-4: Medical expenses: Piai can identify medical expenses with an accuracy of 95%, while GPT-4 can only achieve 80%. Treatments: Piai identified treatments with 91% accuracy, while GPT-4 achieved 79% accuracy. ‍ Service date reflection: Piai reflects service dates to providers with an accuracy of 90%, which greatly exceeds GPT-4’s 68%. To put this into perspective, if 20% of bills are missed in 100 cases (an average impact of $5,000 per missed bill), a lawyer could lose over $100,000 in claim value. EvenUp effectively solves this problem with its solution, ensuring all relevant bills are recorded and maximizing the claim value of each case, further emphasizing the extremely high demand for accuracy in personal injury claims. In 2020, EvenUp pioneered an AI-powered demand package and is now a leader in personal injury AI and document generation. Approximately 100,000 requirements packages and medical chronologies have been delivered to date. New features for 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 is launching four new capabilities as part of its Piai-powered claims intelligence platform, designed to provide...