Bessemer led the round with participation from Bain Capital, founder of Behance, among others.
Even until, a startup founded by three founders who completed their studies in Canada, aims to level the playing field in personal injury settlement. The startup offers a generative AI product that can transform raw files such as medical records, invoices and police reports into legal documents for injury lawyers.
The San Francisco-based company recently closed a $50.5 million Series B round led by Bessemer Venture Partners. Sameer Dholakia, Bessemer partner and co-head of the firm’s growth investing practice, will join EvenUp’s board of directors.
According to EvenUp, this round brings the total funding raised to $65 million with a valuation of $325 million.
Other new investors who participated include the investment arm of Burnaby-based legal tech startup Clio, Bain Capital Ventures and Behance founder Scott Belsky.
Clio Ventures was launched in 2021 through which Clio supports startup partner companies it works with to develop integrations. It recently invested in Steno, another legal technology startup, which offers court reporting solutions.
Previous investors in EvenUp who also contributed to this funding include SignalFire, DCM, NXF and Gokul Rajaram, director of DoorDash.
Personal injury lawyers have a mandate to ensure that the victims they represent receive the greatest amount of benefits or compensation as part of their settlements.
However, most cases are settled out of court and often remain confidential, leaving lawyers guessing about a settlement proposal for their clients. In turn, victims may be undercompensated.
Additionally, the process of creating legal documents, also called application packets, can be time-consuming and error-prone.
EvenUp has already received investments from American rapper Nas and actor Jared Leto.
Chief Operating Officer Ray Mieszaniec said he has personally experienced the lack of transparency in personal injury settlements. When his father became permanently disabled after being hit by a car, Mieszaniec remembers that their lawyer didn’t know what appropriate compensation should be, and so his family received only a small fraction of the value of their case.
Mieszaniec, a graduate of Simon Fraser University, leads EvenUp with McGill University alumni Rami Karabibar (CEO) and Saam Mashhad (head of product and legal operations).
Proceeds from this round will help EvenUp expand the functionality of its platform, introduce new products for personal injury and other areas of law, as well as make investments and new hires to support its growth.
EvenUp made several changes to its offerings before this financing.
This week, EvenUp launched Litty, an AI-powered assistant for personal injury law practitioners. The startup says Litty is trained on millions of records and hundreds of thousands of case results, intended to interpret raw medical records and create results designed for personal injury use cases.
RELATED: PainWorth Secures $2.1 Million Canadian Dollars to Settle Personal Injury Claims Using Machine Learning
According to EvenUp, Litty already powers the demand packages produced by its platform.
Short for “litigation,” Litty can summarize disorganized notes and copies of records into clear, cohesive medical records optimized for injury law, EvenUp said. In the coming months, the startup says Litty will be able to autonomously analyze various document formats and generate legal results on other aspects of personal injury.
EvenUp also launched its integration with legal practice operating platform Litify. As part of this partnership, personal injury attorneys whose firms run on Litify can request request packages generated by EvenUp’s AI platform, directly from their Litify dashboard.
EvenUp says it can generate an application package in a few days and upload the final document directly to Litify.
EvenUp has already received support from tech entrepreneurs like Adam D’Angelo, CEO of Quora, and Kevin Hartz, co-founder of Eventbrite, as well as public figures such as American rapper Nas, actor Jared Leto and Retired professional footballer Byron Jones.
EvenUp is not alone in its mission to improve the personal injury settlement process. In Canada, there is Edmonton-based PainWorth, which uses machine learning to simplify claims for personal injury cases. It has raised CA$3.1 million in seed funding in 2022 as it expands its platform to insurance companies.
Featured image courtesy of Bain Capital Partners.
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