June 8 – Legal AI firm EvenUp has raised an additional $50.5 million in Series B funding from new investors including Bessemer Venture Partners and Bain Capital Ventures, the San Francisco-based company announced Thursday. The company was valued at $325 million.
Participants in the latest round include existing investors SignalFire, NFX and DCM, bringing the company’s total funding to $65 million.
EvenUp provides personal injury law firms with a product that automates the dunning letter workflow using generative AI and proprietary legal datasets. The company’s customers have seen a 30% increase in payments, in addition to saving time in preparing legal claims, CEO Rami Karabivar told Reuters.
These have been boom times for the legal AI market as law firms line up to embrace generative AI. Researchers used his GPT-4 to pass his bar exam in March.
Law is an ideal use case for generative AI, Bessemer partner Samir Dholakia said, adding that lawyers’ job of analyzing content and synthesizing it into prose is exactly what they were trained on large amounts of text. That’s what generative AI products like OpenAI’s ChatGPT do best, he says.
EvenUp now has more than 300 customers, paying subscription prices in the thousands to hundreds of thousands of dollars a year, and has already surpassed $10 million in recurring revenue this year, Carabivar told Reuters. rice field. He estimates that there are about 300,000 personal injury lawyers and 20 million personal injury cases per year.
Reported by Anna Tong of San Francisco.Editing: David Gregorio
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