EvenUp, an AI startup that helps lawyers streamline tasks such as drafting and reviewing documents, was valued at over $1 billion on Tuesday after it raised $135 million in a funding round led by Bain Capital Ventures.
Premji Invest, Lightspeed Venture Partners, Bessemer Venture Partners, SignalFire and B Capital Group also participated in the round, which brought the company’s total fundraising to $235 million, EvenUp said.
Despite subdued dealmaking activity elsewhere in private markets, AI startups have appealed to venture capital backers who are betting on a surge in demand for firms that help improve productivity.
Over 1,000 law firms use EvenUp, the company said. Its claims intelligence platform, which provides insights and helps with drafting documents, is powered by an AI model trained on personal injury cases, medical records and internal legal expertise.
“Many law firms are stretched thin, which is why they need technology to scale their top performers. This is especially critical in personal injury law firms, where attorneys often manage over 100 clients a year,” said Rami Karabibar, EvenUp‘s co-founder and CEO.
The company’s revenue has jumped two-fold year-over-year. Its workforce in the U.S. and Canada has also more than doubled in the past 12 months, it said.
It also launched four new products on Tuesday, to help clients identify missing documents when they prepare their case and to provide data and analytics.
One of its new products is an AI assistant that will provide real-time answers to complex questions.
EvenUp will use the funds to hire engineers, product professionals and data scientists. It also plans to double its go-to-market team in the next 18 months and to bring on more executives to bolster its leadership team, CEO Karabibar said.
Reuters
