Legal tech startup EvenUp is making waves in the industry with its AI-powered demand package product designed to help personal injury lawyers secure higher and faster settlements for their clients. Co-founded by Ray Mieszaniec, whose personal experience with a car accident settlement inspired the creation of the platform, EvenUp recently secured a $35 million Series C funding round led by Lightspeed Venture Partners.
The platform works by allowing attorneys to upload their client’s medical records, which are then used to generate demand letters requesting compensation from insurance companies. By utilizing over 250,000 verdicts and settlements, EvenUp’s AI technology can produce demand packages with appropriate settlement offers, saving up to 15 hours per case and potentially resulting in settlements 30% higher than what plaintiffs might otherwise receive.
CEO Rami Karabibar believes the platform could help the 20 million personal injury claims filed each year receive the justice they deserve. Users like Michael McCready, who runs a tech-forward personal injury law firm, have praised EvenUp for not only saving time but also leading to higher settlements through the incorporation of AI technology into their workflows.
Despite the success of EvenUp, the legal tech industry is becoming increasingly competitive, with other startups like Harvey and Clio also offering AI solutions for law firms. However, with venture funding in the legal tech space nearly doubling this year, investors are becoming more interested in startups like EvenUp that solve real problems in the industry.
LSVP partners Raviraj Jain and Sebastian Duesterhoef see potential in the application of generative AI in legal tech, particularly in helping firms streamline processes and improve efficiency. EvenUp’s partnership with Litify, a legal operating platform, has further boosted its reach and allowed thousands of lawyers to access its demand package product.
As EvenUp approaches 1,000 customers, investor Duesterhoef attributes its rapid adoption to the novelty and effectiveness of its core product. The platform’s ability to generate high-quality demand letters, personalized for each case, has resonated with attorneys looking to reduce repetitive tasks and focus on more complex and high-value work for their clients.
Overall, the legal tech startup scene is evolving rapidly, with investors and industry experts recognizing the potential of AI technology to revolutionize legal processes and improve outcomes for clients. EvenUp’s success serves as a testament to the growing interest in innovative solutions for the legal industry, paving the way for future advancements in the field.
