AI Legal Tech Startup EvenUp Raises $135M To Hit Unicorn Status

EvenUp, a legal tech startup creating artificial intelligence products for the personal injury sector, raised a $135 million Series D at a valuation of more than $1 billion.

The round was led by Bain Capital Ventures, with participation from Premji Invest, Lightspeed Venture Partners, Bessemer Venture Partners, SignalFire and B Capital Group.

The San Francisco-based startup’s platform is powered by an AI model which is trained on hundreds of thousands of injury cases, medical records and internal legal knowledge. The platform helps with document generation and case and negotiation preparation.

“At EvenUp, our mission is to close the justice gap through the power of technology and AI,” said co-founder and CEO Rami Karabibar in a release. “We empower personal injury firms to deliver higher standards of representation, with the goal of ultimately helping the 20 million injury victims in the U.S. achieve fairer outcomes each year.”

Founded in 2019, EvenUp has raised $235 million, according to the company.

AI’s legal tech boost

Legal tech has seen a huge bump this year — mainly thanks to AI.

Per Crunchbase data, legal tech startups have already raised $1.9 billion this year. Last year, VC-backed legal tech startups raised less than $1 billion.

The EveneUp raise is the second largest of the year thus far. In July, Vancouver-based legal tools platform Clio locked up a $900 million Series F at a $3 billion valuation.

That same month, San Francisco-based AI legal tech startup Harvey raised $100 million.