Valued at $1 billion, this legal AI company outperforms GPT-4 across multiple tasks
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Valued at $1 billion, this legal AI company outperforms GPT-4 across multiple tasks
The largest funding round in the history of legal AI.
Navigating Web3 tides with focused insightsBy: Metaverse Heart
Legal tech company EvenUp has not only secured the largest funding round in legal AI history—$135 million—but its proprietary AI model, Piai™, also outperforms OpenAI's GPT-4 in handling personal injury cases. Here is our 35th issue. Enjoy.
EvenUp recently completed a massive $135 million funding round led by Bain Capital Ventures, with participation from Premji Invest, Lightspeed Venture Partners, and Bessemer Venture Partners, laying a solid foundation for accelerating innovation in legal technology.
As a pioneer in AI for legal claims, EvenUp leverages artificial intelligence and data analytics to optimize traditional claims processes, providing law firms with efficient, precise quantitative support in case evaluation and compensation calculation.
This latest funding reflects growing market confidence in legal tech and underscores EvenUp’s potential to advance fairness and transparency in legal services.
01. One-Minute Project Overview
1. Project Name: EvenUp
2. Founded: 2019
3. Product Overview:
EvenUp applies machine learning and its proprietary AI model Piai™ to reduce manual workloads and maximize outcomes across the personal injury value chain. The Claim Intelligence Platform™ combines internal human legal expertise with proprietary AI and software to analyze records.
4. Founding Team:
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CEO: Rami Karabibar
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COO: Raymond Mieszaniecr
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CLO: Saam Mashhad
5. Funding History:
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April 6, 2023: Closed $50.5 million Series B funding led by Bessemer Venture Partners;
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November 1, 2023: Closed $35 million Series C funding led by Lightspeed Venture Partners;
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October 8, 2024: Closed $135 million Series D funding led by Bain Capital Ventures.
02. "Making Fairness Simpler"
EvenUp was founded to address the widespread imbalance of resources in legal claims processes.
In traditional claims procedures, plaintiff attorneys often spend significant time gathering case data and calculating fair compensation amounts, while insurance companies and large corporations possess abundant resources that give them an advantage.
The founding team recognized that technology could dramatically shorten this process, strengthen plaintiffs’ negotiating power, and offer injured individuals more equitable opportunities.
Guided by this vision, the company focused from the outset on artificial intelligence and data analytics, aiming to use data-driven methods to help users estimate compensation ranges and automatically generate legal documents to support litigation.
Most team members have backgrounds in computer science, artificial intelligence, or law, and many have previously worked at prominent legal tech firms or law firms. Through years of continuous optimization, the company has refined its AI system and earned recognition from numerous leading law firms.
EvenUp states: "Our mission is to create a level playing field in 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 critical in personal injury claim processing. While AI models can assist with certain tasks, drafting high-quality claim documents involves complexities far beyond simple automation. Sole reliance on AI may lead to errors, omission of key information, and ultimately cause delays or undervaluation of claims, resulting in significant financial losses for victims.
EvenUp integrates artificial intelligence with expert human review. Its proprietary Piai™ system is SOC2 and HIPAA certified, ensuring both high precision and human-centered care.
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Entity Extraction: Transforms disorganized case files into clear, actionable insights.
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Relationship Mapping: Classifies relevant information, eliminates duplicate damages, reconciles provider discrepancies, and uncovers key insights across thousands of pages that could impact case outcomes.
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Output Generation: Adheres to firm-specific language and formatting requirements, with line-level citations for easy verification.
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Quality Control: Delivers trustworthy results backed by legal and medical expertise.
The system has been deeply trained on hundreds of thousands of personal injury cases and works closely with a world-class team of over 100 legal, medical, and paralegal experts who collectively process thousands of claims and medical timelines each week.
Understanding that each plaintiff typically faces only one case that could profoundly affect their future, EvenUp takes its responsibility seriously. Therefore, the company employs a dual strategy—combining AI with human review—to ensure every plaintiff receives the justice they deserve.
When comparing the performance of EvenUp’s Piai™ against general off-the-shelf models like OpenAI’s GPT-4 in handling personal injury cases, the differences are stark.
Piai™ excels not only in multiple core areas but consistently maintains high performance across key tasks required for personal injury claims. Below are three notable advantages of Piai™ over GPT-4:
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Medical Expenses: Piai™ achieves 95% accuracy in identifying medical expenses, compared to GPT-4’s 80%.
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Treatment Methods: Piai™ identifies treatment methods with 91% accuracy, versus GPT-4’s 79%.
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Service Date Mapping: Piai™ maps service dates to providers with 90% accuracy, significantly surpassing GPT-4’s 68%.
From this perspective, if 20% of bills are missed when processing 100 cases (with each missed bill averaging $5,000), lawyers could lose over $100,000 in claim value.
EvenUp effectively addresses this issue through its solution, ensuring all relevant bills are captured and maximizing the claim value for each case—further highlighting the extremely high demand for precision in personal injury claims.
In 2020, EvenUp launched the first AI-powered demand package, establishing itself as a leader in personal injury AI and document generation. To date, it has delivered approximately 100,000 demand packages and medical timelines.
04. New Features in the Claim Intelligence Platform™
This $135 million funding round values EvenUp at over $1 billion, marking the largest single financing in legal AI history.
With this capital, the company is launching four new features as part of its Piai™-powered Claim Intelligence Platform™, designed to provide insights at critical stages of the case lifecycle, transform client workflows, and maximize claim value as quickly as possible.
Case Readiness is the first product of its kind to proactively assist case managers in making optimal decisions throughout the case lifecycle—identifying issues, precedents, and missing medical bills and records before submitting demands—thereby improving case preparation quality and reducing resolution time.
Negotiation Readiness helps professionals understand key case strengths and weaknesses in a streamlined manner.
Execution Analytics enables organizations to achieve new performance levels by delivering rich insights—such as treatment continuity and claim delays—and robust industry benchmarks, promoting peak performance across operations.
The Settlement Repository uses a data-driven approach to resolve outcomes, ensuring personal injury attorneys secure the best possible results for their clients.
This funding will enable EvenUp to expand its product offerings into additional areas of legal services.
Beyond its existing claims assessment tools, the company plans to develop AI solutions for medical malpractice, consumer protection, labor disputes, and other legal domains to meet diverse case requirements.
The launch of these new products will empower legal professionals worldwide to tackle varied case challenges, building a more efficient and intelligent legal tech ecosystem, and further solidifying EvenUp’s competitive edge in the legal tech market.
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