EvenUp raises $50.5 million in Clio-backed round for AI that turns raw files into legal documents for personal injury lawyers
Bessemer led the round with participation from Bain Capital, Behance founder, among others.
EvenUp, a startup established by three founders who finished their studies in Canada, aims to even the playing field in personal injury settlements. The startup offers a generative AI product that can turn raw files such as medical records, bills, 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-lead of the firm’s growth investment practice, will join EvenUp’s board.
According to EvenUp, this round brings its total funding raised to $65 million with valuation of $325 million.
Other new investors that participated include the investment arm of Burnaby-based legaltech startup Clio, Bain Capital Ventures, and Behance founder Scott Belsky.
Clio Ventures was launched in 2021 through which Clio backs early-stage partner companies it works with for developing integrations. It recently made an investment in Steno, another legaltech startup, which offers court reporting solutions.
Previous investors in EvenUp who also contributed to this funding include SignalFire, DCM, NXF, and DoorDash executive Gokul Rajaram.
Personal injury lawyers are mandated to ensure the victims they are representing receive the most amount of benefits or compensation in their settlements.
However, most cases are settled out of court and are often kept private, leaving lawyers to guess a settlement proposal for their clients. In turn, the victims can be undercompensated.
In addition, the process of creating the legal documents, also referred to as demand packages, can be time-consuming and prone to error.
EvenUp previously received investments from American rapper Nas and actor Jared Leto.
COO Ray Mieszaniec said he experienced the lack of transparency in personal injury settlements personally. When his father became permanently disabled