FILE PHOTO: Artificial Intelligence words are seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
Legal AI company EvenUp has raised an additional $50.5 million in Series B funding from new investors including Bessemer Venture Partners and Bain Capital Ventures, the San Francisco-based company said Thursday, valuing the company at $325 million.
Participants in the latest round included existing investors SignalFire, NFX and DCM, bringing the company’s total funding to $65 million.
EvenUp provides a product to personal injury law firms that automates the workflow for demand letters, using generative AI and a proprietary legal dataset. Its customers have seen a 30% increase in payouts, in addition to time savings from drafting legal claims, CEO Rami Karabibar told Reuters.
These have been boom times for the legal AI market, as legal firms have lined up to embrace generative AI. Researchers used GPT-4 to pass the bar exam in March.
Law is an ideal use case for generative AI because what lawyers do – analyze content and then synthesize it in prose – is exactly what generative AI products like OpenAI’s ChatGPT, which was trained on reams of text, do best, said Bessemer partner Sameer Dholakia.
EvenUp currently has over 300 customers, who pay annual subscription prices in the thousands to hundreds of thousands of dollars, and has already exceeded $10 million in recurring revenue this year, Karabibar told Reuters. He estimated there are about 300,000 personal injury attorneys and 20 million personal injury cases per year.
(Reporting by Anna Tong in San Francisco; Editing by David Gregorio)
