EvenUp Raises $135 Million to Revolutionise LegalTech

EvenUp, a leading player in the legal tech sector, has successfully raised $135 million in its Series D funding round, pushing its valuation past the $1 billion mark. The funding was spearheaded by Bain Capital Ventures, with additional backing from Premji Invest, Lightspeed Venture Partners, Bessemer Venture Partners, SignalFire, and B Capital Group. This latest investment increases the company’s total funding to $235 million, reflecting a robust interest in AI solutions within the legal industry.

Congratulations to the team at Lightspeed-backed @EvenUpLaw and Co-Founders Raymond Mieszaniec (@mieszray), Saam Mashhad, and Rami Karabibar on their $135M Series D round.

For years, vertical software has digitized traditional tasks, but now genAI is taking over many of those… pic.twitter.com/PKkwCwrmRt

— Lightspeed (@lightspeedvp) October 8, 2024

Advancing AI in Personal Injury Law

Founded in 2019, EvenUp aims to enhance personal injury case management through its AI-driven platform, which integrates machine learning to streamline workflows and improve case outcomes. CEO and Co-Founder Rami Karabibar emphasised the company’s mission, stating, “At EvenUp, our mission is to close the justice gap through the power of technology and AI. We empower personal injury firms to deliver higher standards of representation”. The platform is currently used by over 1,000 law firms and has facilitated the recovery of more than $1.5 billion in damages.

Launch of New Products to Enhance Services

In conjunction with this funding round, EvenUp announced the launch of four new products within its Claims Intelligence Platform. These innovations are designed to provide critical insights throughout a case’s lifecycle, ultimately increasing the value of claims. Notably, the company’s flagship product, Demands, reportedly increases the likelihood of reaching a policy limit settlement by 69% compared to traditional methods.

We’re thrilled to announce $135 million in new funding, which brings our valuation to over $1 billion! 🚀Also, we’ve launched 4 groundbreaking new products to further support our customers. Check it out ➡️ https://t.co/eLlw4UOa9v

— EvenUp Law (@evenuplaw) October 8, 2024

Market Context and Future Prospects

This funding round represents one of the largest in the legal AI sector to date, highlighting a growing trend in venture capital investments within this space. Despite broader economic challenges, the legal tech market has demonstrated resilience, with total funding for legal tech startups reaching $1.9 billion this year alone. As EvenUp continues to innovate and expand its offerings, it positions itself as a critical ally for personal injury law firms seeking to maximise their effectiveness in a competitive landscape.

Conclusion

EvenUp’s recent funding and product launches signify a pivotal moment for the company and the legal tech industry at large. By harnessing AI technology, EvenUp is not only striving to level the playing field in personal injury law but is also setting a new standard for case management efficiency.