San Francisco-based company EvenUp, known for its AI-powered solutions that transform medical records and case files into comprehensive claims packages for personal injury (PI) lawyers, has successfully raised $50.5 million in a Series B funding round. The funding was led by Bessemer Venture Partners, with notable participation from Bain Capital Ventures, Scott Belsky (founder of Behance), and Clio Ventures (investment division of legal technology company Clio).
EvenUp’s primary goal is to level the playing field in the realm of PI law. A significant portion of PI cases, more than 90%, are settled privately, making it challenging for lawyers to accurately assess the true value of their cases. To address this issue, EvenUp employs AI technology to generate claim packages using data from over 250,000 sentences and calculations, which are then meticulously curated by former lawyers, adjusters, and case managers.
In conjunction with the funding announcement, EvenUp also unveiled their latest innovation called Litty, the industry’s first AI-powered legal assistant specifically designed for PI lawyers. Litty offers deep integration with EvenUp’s legal practice management platform, Litify, which was acquired by Bessemer in February. This integration streamlines the claims process by providing PI lawyers with instant access to AI-generated summaries of case facts, histories, and organized medical records optimized for privacy law compliance.
The successful Series B funding round brings EvenUp’s total funding to $65 million, valuing the company at $325 million. With the additional investment, EvenUp plans to enhance its platform’s functionality, expand its feature set, bolster its workforce, and continue developing new technologies and products tailored to the PI and other legal domains.
Rami Karabibar, CEO and co-founder of EvenUp, emphasized the need for transparency in the industry, stating, “The future of injury lies in transparency, and our company is committed to closing this gap.” Karabibar, along with co-founders Ray Muddle (now Chief Operating Officer) and Mahhad (now Chief Product Officer), established EvenUp in 2019 with a vision to create a level playing field for plaintiffs’ lawyers in private cases.
EvenUp’s AI assistant, Litty, boasts extensive training with millions of records and hundreds of thousands of case outcomes, enabling it to interpret raw medical records and produce output specifically tailored for PI use cases. The company aims to expand Litty’s automation capabilities to cover up to 70% of the key documents in the PI workflow, allowing law firms to customize document creation to align with their requirements and jurisdiction.
Furthermore, EvenUp announced a deep integration with Litify’s legal practice management platform. This integration enables Litify customers to seamlessly request EvenUp’s claim packages directly from the Litify dashboard, based on case records already managed within the platform. By securely fetching relevant documents and utilizing machine learning algorithms, EvenUp minimizes manual re-entry and streamlines the claims process for Litify users.
The funding round was led by Bessemer Venture Partners, renowned for its investments in legal technology companies such as Clio, DISCO, and Anaqua. Sameer Dholakia, a partner at Bessemer, commented on the AI revolution, stating, “EvenUp is a fantastic example of applying these principles to personal injury law.” Additionally, Bain Capital Ventures, an active investor in legal technology, participated in the funding round, further reinforcing the potential impact of EvenUp’s innovative solutions.
As EvenUp continues to redefine the PI claims process, their efforts aim to empower lawyers, promote transparency, and enable fair outcomes for all parties involved. With the backing of significant funding and strategic partnerships, EvenUp is poised to revolutionize the landscape of personal injury law in the coming years.
Title (Suggested): EvenUp Secures $50.5 Million in Series B Funding, Launches AI-Powered Legal Assistant Litty for Personal Injury Lawyers
