We spoke with CEO and co-founder Rami Karabibar about the raise
San Francisco-founded AI personal injury platform EvenUp has raised a $150 million Series E round led by Bessemer Venture Partners – its fourth funding round in less than two years. The company is now valued at in excess of $2bn.
EvenUp – founded in 2019 – is trained on hundreds of thousands of injury cases and millions of medical records, with the objective of helping to level the playing field in the personal injury market. The company, which has over 2,000 clients, helps with the lifecycle of a personal injury claim from intake to settlement, partnering with attorneys to help them reduce the amount of manual work.
Speaking to Legal IT Insider, CEO and co-founder Rami Karabibar said: “The way we think about it is that EvenUp is like the world’s most experienced paralegal – drafting letters for you; helping to make sure you’re not missing anything; helping you claim on time; and helping you get the right value, which are a bunch of different workflows.”
According to CDC, there are 39.5 million personal injury cases requiring medical treatment in the US every year, including a large number of car accidents and slips and falls. Karabibar says that EvenUp has penetrated just 1% of the market so far, so there is significant potential for further growth.
Personal injury litigation is a huge space for AI right now, with big recent raises for Eve ($103m) and Superpanel ($5.3m seed funding). However, Karabibar says: “We were the first in our space and it’s such a massive opportunity because we’re the biggest and fastest.”
EvenUp has used GenAI “from the beginning” according to Karabibar and he observes: “Now the quality of AI is so high that in the vast majority of cases you don’t need human review.”
Attorneys have to sign off on the output of EvenUp but Karabibar adds: “What we have seen from analysing hundreds of thousands of letters is that law firms send a letter on average 150 days after medical treatment. We can really cut down on that and make sure you also get the right value.”
At a time when the legal sector can still be distrusting of GenAI it’s always interesting to hear of it being largely unsupervised. Karabibar says: “The important thing here is the human impact, the amount of impact we can have. AI is no longer a cool sidebar.”
There is growing concern in the legal sector about the amount of funding entering this space, does Karabibar have any concerns about the bubble bursting? It was an existing investor who suggested this latest raise. “The way I see it, we have 2,000 happy clients and the ROI is there,” Karabibar said. “The market is enormous and our share right now is 1%, so that’s a lot of potential for growth.”