EvenUp Secures $135M to Become a Unicorn in AI Legal Tech Revolution

EvenUp, a cutting-edge legal tech startup specializing in artificial intelligence for the personal injury sector, has successfully raised $135 million in a Series D funding round, achieving a valuation exceeding $1 billion. This funding round was spearheaded by Bain Capital Ventures and included contributions from notable investors such as Premji Invest, Lightspeed Venture Partners, Bessemer Venture Partners, SignalFire, and B Capital Group.

Transforming Personal Injury Law with AI

The San Francisco-based startup utilizes an AI model trained on hundreds of thousands of injury cases, medical records, and internal legal knowledge. This innovative platform enhances document generation and streamlines case management and negotiation preparation.

Rami Karabibar, co-founder and CEO, stated, "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, ultimately helping the 20 million injury victims in the U.S. achieve fairer outcomes each year."

Founded in 2019, EvenUp has raised a total of $235 million to date.

The Surge in Legal Tech Funding

Legal tech has witnessed a significant increase in funding this year, primarily driven by advancements in AI. According to Crunchbase, legal tech startups have raised $1.9 billion in 2023, compared to less than $1 billion last year. The EvenUp funding marks the second largest legal tech raise this year, following Vancouver-based Clio, which secured a $900 million Series F at a $3 billion valuation.

In the same month, another San Francisco-based AI legal tech startup, Harvey, raised $100 million, further highlighting the growing interest in this sector.

Illustration by Dom Guzman