"Industry Watchers" is our column dedicated to cutting-edge technologies such as AI, XR, the Metaverse, and Web3, focusing on sharing stories of emerging enterprises and entrepreneurs in these fields. Legal tech company EvenUp has not only secured the largest funding round in legal AI history at $135 million but also has its proprietary AI model, Piai™, outperforming OpenAI's GPT-4 in personal injury case handling. Here is our 35th issue. Enjoy.

EvenUp recently successfully completed a massive $135 million funding round led by Bain Capital Ventures, with participation from Premji Invest, Lightspeed Venture Partners, Bessemer Venture Partners, among others, laying a solid foundation for accelerating innovation in legal technology.

As a pioneer in AI technology for legal claims, EvenUp is committed to optimizing traditional claims processes through artificial intelligence and data analysis, helping law firms achieve efficient and precise quantitative support in case assessments and compensation calculations.

This funding round not only reflects the market's emphasis on legal technology but also signifies EvenUp's potential in promoting fairness and transparency in legal services.

01. 1-Minute Project Overview

1. Project Name: EvenUp

2. Establishment Date: 2019

3. Product Introduction:

EvenUp employs machine learning and its AI model, Piai™, to reduce manual workload and optimize 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. Funding History:

On April 6, 2023, completed a $50.5 million Series B funding round led by Bessemer Venture Partners;

On November 1, 2023, completed a $35 million Series C funding round led by Lightspeed Venture Partners;

On October 8, 2024, completed a $135 million Series D funding round led by Bain Capital Ventures.

02. "Making Fairness Simpler"

EvenUp was founded to address the prevalent imbalance of resources in the legal claims process.

In traditional claims processes, plaintiff attorneys often spend considerable time gathering case data and calculating reasonable compensation, while insurance companies and large corporations benefit from abundant resources.

The founding team recognized that technology could significantly shorten this process, enhance the plaintiff's bargaining power, and provide injured parties with a fairer opportunity.

With this vision, the company has focused on AI and data analysis since its inception, aiming to help users estimate compensation ranges and automate legal document generation to support litigation processes.

Most team members have backgrounds in computer science, AI, or law and have worked at renowned legal tech companies or law firms. After years of optimization, the company has perfected its AI system, recognized by multiple prestigious law firms.

EvenUp states, "Our mission is to provide a level playing field for personal injury cases. We believe every injury case should be resolved based on its true merits."

03. Proprietary AI Model Piai™

Precision and accuracy are crucial in personal injury claims handling. While AI models can assist with some tasks, the complexity of drafting high-quality claim documents demands more than simple automation. Relying solely on AI can lead to errors, missing critical information, causing delays and underestimations in claims, resulting in significant financial losses for victims.

EvenUp combines AI with expert human review. Its proprietary Piai™ system is SOC2 and HIPAA certified, ensuring high accuracy and human touch.

Entity Extraction: Transforms disorganized case files into clear, actionable insights.

Relationship Mapping: Classifies relevant information, eliminates duplicate damages, reconciles provider discrepancies, and uncovers critical insights from thousands of pages that could affect case outcomes.

Output Production: Adheres to company-specific language and formatting requirements, with row-level citations for easy verification.

Quality Control: Achieves trustworthy results with legal and medical expertise.

This system is deeply trained on hundreds of thousands of personal injury cases and collaborates closely with a world-class team of over 100 legal, medical, and paralegal experts, jointly processing thousands of claims and medical chronologies weekly.

Understanding the significant responsibility of each plaintiff, who typically faces one case that can impact their future, EvenUp employs a dual strategy of AI and human review to ensure each plaintiff receives fair treatment.

When comparing EvenUp's Piai™ with general-purpose models like OpenAI's GPT-4 in handling personal injury cases, the differences are striking.

Piai™ excels in multiple core areas and maintains high performance in key tasks required for personal injury cases. Here are three significant advantages of Piai™ over GPT-4:

Medical Expenses: Piai™ identifies medical expenses with 95% accuracy, compared to GPT-4's 80%.

Treatment Methods: Piai™ accurately identifies treatment methods at 91%, while GPT-4 achieves 79%.

Service Date Mapping: Piai™ maps service dates to providers with 90% accuracy, far surpassing GPT-4's 68%.

Considering that missing 20% of bills in 100 cases (each missed bill averaging $5,000) could cost lawyers over $100,000 in claim value, EvenUp's solution ensures all relevant bills are recorded, maximizing claim value per case, highlighting the critical need for accuracy in personal injury claims.

In 2020, EvenUp pioneered AI-based demand packages and has since become a leader in personal injury AI and document generation. To date, it has delivered approximately 100,000 demand packages and medical chronologies.

04. New Features of the Claims Intelligence Platform™

This latest $135 million funding round values EvenUp at over $1 billion, making it the largest funding round in legal AI history.

With this funding, the company launched four new features as part of its Piai™-powered Claims Intelligence Platform™, aiming to provide insights at critical stages of the case lifecycle, transforming client workflows to maximize claim value as quickly as possible.

Case Prep 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 Prep helps professionals understand the strengths and weaknesses of key cases in a simplified manner.

Execution Analytics enables companies to reach new performance levels by gaining rich insights (e.g., treatment continuity, demand delays) and robust industry benchmarks, fostering optimal performance in their operations.

Settlement Repository adopts a data-driven approach to outcomes, ensuring personal injury lawyers achieve the best results for their clients.

This funding will help EvenUp expand its product line into more legal services areas.

Beyond existing claims assessment tools, the company plans to develop AI tools for various legal fields, including medical malpractice, consumer protection, and labor disputes, to address different case types.

The launch of new products will empower legal professionals worldwide to tackle diverse case challenges, fostering a more efficient and intelligent legal tech ecosystem and further consolidating EvenUp's competitive advantage in the legal tech market.