• Thu. Apr 25th, 2024

With Mission to Level the Playing Field in PI Cases through Generative AI, EvenUp Raises $50.5M Series B and Launches AI Legal Assistant

Bynewsmagzines

Jun 8, 2023
With Mission to Level the Playing Field in PI Cases through Generative AI, EvenUp Raises $50.5M Series B and Launches AI Legal Assistant

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EvenUp, a company that uses AI to turn medical documents and case files into demand packages for personal injury lawyers, has raised $50.5 million in a Series B funding round led by Bessemer Venture Partners, with participation from Bain Capital Ventures, Behance founder Scott Belsky, and Clio Ventures, the investment arm of legal technology company Clio.

The company also today announced the launch of Litty, which it says is the first-ever AI legal assistant for PI lawyers, and a deep integration with the legal practice management platform Litify, a company in which Bessemer acquired a majority stake in February.

This latest round brings the company’s total funding to $65 million at a valuation of $325 million.

The company describes its mission as leveling the playing field for plaintiffs’ lawyers in PI cases, an area of law in which over 90% of cases are settled privately, making it difficult for lawyers to know the true value of their cases.

Its core product uses AI to create demand packages, using data from more than 250,000 verdicts and settlements to analyze medical records, which analysis is then compiled by inhouse former lawyers, adjusters and case managers into final demand packages.

With this new funding, the company said, it will deepen the functionality and feature set of its platform, invest and hire to support growth, and develop new technologies and products for PI and other fields of law.

“Surprisingly, the industry remains enshrouded in opacity, resulting in fair outcomes being largely left to chance,” said Rami Karabibar, CEO and cofounder of EvenUp. “One glaring illustration of this is when we observe two cases with similar injuries settle for multiples apart.

“We firmly believe that the future of personal injury lies in transparency, and our company aims to EvenUp the gap.”

Karabibar founded the company in San Francisco in 2019, together with cofounders Ray Mieszaniec, now COO, and Saam Machhad, now CPO. (Pictured about, from left: Mieszaniec, Karabibar and Mashhad.)

Litty, AI Assistant

EvenUp said that Litty, the AI legal assistant it is introducing today, is trained on millions of records and hundreds of thousands of case outcomes in order to be able to interpret raw medical records and create output designed for PI use cases.

The same technology that already powers EvenUp’s demand packages, it is being released today as a self-service solution for use by PI lawyers and their staffs.

This initial release will produce concise summaries for case facts and medical histories within seconds, the company says. It will summarize raw, disorganized notes and copies of raw records into clear, coherent medical summaries optimized for PI law.

In coming months, Litty will autonomously analyze diverse document formats and generate comprehensive legal output on other aspects of personal injury, the company said.

The company said it hopes eventually to extend Litty’s automation capabilities to cover up to 70% of key documents in the PI workflow, with the ability for firms to customize the documents it produces to their own and their jurisdiction’s requirements.

Integration with Litify

The company also today announced what it described as a deep integration with law practice management platform Litify.

Through the integration, Litify customers are now able to request an EvenUp demand package directly from the Litify dashboard, drawing from case records already managed within Litify.

EvenUp will then securely ingest the relevant documents and use machine learning to identify critical data points, such as billing amounts and treatment dates, which EvenUp then sends back into Litify, reducing the need to re-enter the data manually, and then generate a demand package.

Bessemer, the VC firm that led today’s round, has made substantial investments in a number of legal technology companies, including Clio, DISCO and Anaqua. In February, it acquired a majority stake in Litify.

“The AI revolution promises to drive massive productivity gains and allows great entrepreneurs to reimagine the way work is done,” said Sameer Dholakia, partner at Bessemer. “EvenUp is a fantastic example of these principles applied to personal injury law.”

Bain, which participated in today’s round, has also been investing heavily in legal tech companies. In April, it was one of two investors in the vLex-Fastcase merger. Also in April, it made a strategic growth investment in iManage.

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