Our Investment in EvenUp: The AI Platform Shaping the Future of Legal Services

When we first met Rami, Saam, and Ray in March 2022, their vision was to leverage the latest technologies in AI to help personal injury firms work smarter, settle cases faster, and deliver justice for their clients. Now, three years later, EvenUp has become a breakout innovator in vertical-focused generative AI and a market leader in the legal tech space.

Today, the company is announcing the fourth round of funding in just 24 months, bringing the total capital raised to $385 million and its valuation to over $2 billion. We joined the company for their Series C, and we are thrilled to renew our conviction in EvenUp for a third time for their Series E.

This round isn’t just another funding milestone. It’s validation of a thesis we’ve held from day one: that vertical AI, when combined with proprietary data and deep domain expertise, can fundamentally reshape how entire industries operate.

The Journey to an End-to-End Platform

When we invested in EvenUp’s Series C, we saw a team leveraging generative AI to solve one of personal injury law’s most labor-intensive challenges: drafting demand letters that could mean the difference between fair compensation and leaving money on the table. EvenUp compressed a process that consumed hours of attorney time into minutes.

Since then, the company has launched products at breakneck speed:

• EvenUp’s AI Drafts Suite generates demand letters, medical summaries, and complaints in minutes, using case context to deliver personalized, courtroom-ready documents.
• Smart Workflows surfaces data-driven recommendations across the case lifecycle, helping firms prevent delays and maximize settlement value.
• Mirror Mode replicates a firm’s best work across workflows, instantly producing tailored drafts that match winning language and style.

Today, EvenUp’s Claims Intelligence Platform™ supports the entire case lifecycle, from intake to resolution.

A Market Leader in Personal Injury Law

We believe EvenUp has turned its role as the early innovator in the market into a commanding market-leading position. Today, over 2,000 firms — including 20% of the Top 100 U.S. personal injury firms — depend on EvenUp’s platform. The company’s products have helped resolve over 200,000 cases, securing more than $10 billion in damages for victims, and fueling a valuable data flywheel along the way. Every week, over 10,000 cases are managed through EvenUp’s platform.

EvenUp’s proprietary Piai™ model is trained on a dataset no competitor can match — hundreds of thousands of injury cases and millions of medical records. With each case processed, its models grow more accurate, reinforcing a data flywheel that widens the gap between EvenUp and the rest of the market.

The company has grown ARR over 5x since our initial investment and is seeing growth accelerate at scale on the back of its latest set of new AI products, which now account for more than 90% of new sales.

Customers see results that redefine what’s possible. Wisehart Wright used EvenUp’s Case Companion to turn a $50,000 offer into a $1.75M settlement. Sweet James scaled past $500M in annual results with 70% YoY growth — without increasing headcount. Firms consistently describe EvenUp not as a tool, but as a critical partner in how they practice law.

We believe the next decade of enterprise software will be defined by solutions that augment expertise, compress timelines, and democratize access to professional services that were previously limited by the scarcity of trained human experts. That’s EvenUp at its core.

We couldn’t be more excited to continue this journey with Rami, Saam, Ray, and the entire EvenUp team as they build the future of personal injury law–and prove that technology, when wielded with purpose and precision, can help close the justice gap for the 20 million Americans injured each year.