Every year, ~20 million Americans incur injuries in vehicle accidents, at their workplace, or fall victim to medical malpractice. These accidents can upend the lives of whole families, and victims often have to endure years of legal battles only to ultimately settle for a fraction of the fair payout they deserve. EvenUp was founded in 2019 by Rami Karabibar, Saam Mashhad, and Ray Mieszaniec to leverage the latest advances in computer vision, predictive and generative AI to help personal injury firms work smarter, settle cases faster, and help their clients get what they truly deserve.
Co-founder Ray Mieszaniec knows this problem all too well. His father was permanently disabled after being hit by a car during a police chase, but because their lawyer didn’t know the appropriate compensation, the settlement was insufficient to help support their family– a blunder that has loomed over their heads ever since. a fraction of what the case was truly worth. While Ray’s story can’t be rewritten, the founders have been determined to make a difference for the millions of Americans who face similar challenges each year.
At Lightspeed, we are convinced that genAI is creating incredible opportunities to reshape how entire industry verticals operate. The past two decades of vertical software were primarily about replacing pen-and-paper and/or spreadsheets and to give a boost to productivity in those verticals by digitizing existing processes. On the other hand, the new crop of genAI-powered vertical software solutions can actually undertake much or all of the tasks at hand. In legal, this means automating hours of work across legal research, investigation, and drafting to reduce the labor intensity of legal services in a fundamental way.
The result is that rather than creating another software tool that gives a more measured boost to the productivity of the user, some of these solutions are now delivering concrete units of work or output that previously would have been laboriously created by the end-user. This is driving industries that historically were more moderate buyers of software to substantially increase their technology budgets.
In our work over the past couple of years, we have seen a few common traits for businesses that are achieving that ‘work’-level value for customers and that ultimately build a defensible moat. We believe EvenUp exhibits all of these characteristics:
- Unstructured data: We’ve observed that LLMs provide particular lift for workflows that today require a need to digest or summarize large amounts of unstructured data. EvenUp’s Claims Intelligence Platform allows its users to sift through thousands of injury cases and millions of medical records.
- Highly skilled, scarce labor: That lift is particularly valuable (and has translated to large ACVs) where the status quo is undergone by highly skilled and scarce labor, think doctors, lawyers, and financial services. EvenUp allows law firms to significantly expand their caseload without the need to expand their staff.
- Proprietary data: We believe that high-value vertical genAI solutions require domain-specific AI models. Training those models requires data and access to proprietary data and that can create a data moat for any company that is able to create a proprietary data asset. This is precisely what EvenUp is doing with its Settlement Repository.
- Teams with vertical expertise: We believe that vertical expertise is a powerful advantage. EvenUp’s founding team (Rami, Saam, and Ray) combines a legal background with technology experience.
At the center of personal injury cases is the demand letter, which summarizes the case at hand, describes the injuries incurred in the accident and the subsequent medical treatment, and determines the requested settlement value. A great demand letter can be the difference between a fair payout and a settlement that falls well short of what a victim deserves. EvenUp’s flagship Demands product leverages AI to create high quality demand packages for their customers, saving them time, helping them resolve cases faster, and allowing them to consistently settle for more. EvenUp’s demand letters are ~70% more likely than non-EvenUp demand letters to achieve a policy limit settlement.
Over the past year, EvenUp’s product has evolved into an all-in-one Claims Intelligence Platform, helping case managers and attorneys prepare cases, prepare for the negotiation, and give firm leadership powerful insights into the performance of their law firms. At the core of this platform is a proprietary AI model called Piai, which is trained on hundreds of thousands of injury cases, millions of medical records and visits, and internal legal expertise. With >95% of cases settled privately, firms have historically lacked clean data to evaluate potential offers or inform negotiations on behalf of their clients. EvenUp’s position at the center of personal injury cases for the first time allows them to create a unique repository of settlement data to give attorneys the visibility required to create fair outcomes.
Over 1,000 law firms are already using EvenUp’s products and have joined them on their mission to close the justice gap through the power of technology and AI.
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