Valued at 1 billion USD, this legal AI company outperforms GPT-4 in multiple tasks.

EvenUp is a legal technology company focused on using AI to optimize the claims process for personal injury cases. Recently raised $135 million at a valuation of over $1 billion. (Summary: Viewpoint: If the United States becomes BTCMining, AI center, UHV transformer will become Trump's new concept stock) (Background supplement: Huida cooperates with SoftBank to launch 3 major plans: the first AI+5G telecommunications network, the construction of Japan's most powerful supercomputer, and the AI market) Not only did EvenUp, a legal technology company, raise the largest $135 million in legal AI history, but its proprietary AI model, Piai, outperformed OpenAI's GPT-4 in handling personal injury cases Better yet. EvenUp recently successfully completed a huge financing of US$135 million led by Bain Capital Ventures and participated by Premji Invest, Lightspeed Venture Partners, Bessemer Venture Partners and others, laying a solid foundation for it to accelerate legal technology innovation. As a pioneer in AI technology for legal claims, EvenUp is committed to optimizing the traditional claims process through artificial intelligence and data analysis, helping law firms achieve efficient and accurate quantitative support in case evaluation and compensation calculation. This round of financing not only reflects the market's emphasis on legal technology, but also signals EvenUp's potential to promote fairness and transparency in legal services. 1-minute quick overview of the project 1. Project Name: EvenUp 2. Founded: 2019 3. Product Brief: EvenUp applies machine learning and its AI model, Piai, to reduce manual workload and maximize case outcomes across the personal injury value chain, and the claims intelligence platform is able to combine in-house human legal expertise with proprietary AI and software to analyze records. 4. Founder Team: CEO: Rami Karabibar COO: Raymond Mieszaniecr CLO: Saam Mashhad 5. Funding: Completed $50.5 million Series B led by Bessemer Venture Partners on November 1, 2023 Completed a $35 million Series C round led by Lightspeed Venture Partners On October 8, 2024, completed a $135 million Series D round led by Bain Capital Ventures. "Making Fairness Simpler" EvenUp was founded out of the pervasive resource imbalance in the legal claims process. In the traditional claims process, plaintiff lawyers often spend a lot of time collecting case data and calculating a reasonable amount of compensation, while insurance companies and large corporations have abundant resources to profit from it. The founding team recognized that the use of technology could significantly shorten the process, improve plaintiffs' bargaining power, and provide fairer opportunities for the injured. With this in mind, the company has focused on artificial intelligence and data analysis from its inception, seeking to help users estimate the scope of compensation through a data-driven approach and automate the generation of legal files to support the litigation process. Most of the team members have backgrounds in computer science, artificial intelligence or law, and have worked for well-known legal technology companies or law firms. Through years of continuous optimization, the company has gradually perfected its AI system, which has been recognized by several well-known law firms. "Our mission is to level the playing field for personal injury cases," EvenUp said. We believe that every injury case should be resolved according to its true circumstances." Precision and accuracy are critical in the processing of personal injury claims, a proprietary AI model. While AI models can assist with some tasks, the complexity of drafting high-quality claims files goes far beyond simple automation. Relying solely on AI can lead to mistakes, missed critical information, delays and underestimation of claims, and significant financial losses to victims. EvenUp blends artificial intelligence with expert human auditing, and its proprietary Piai system is SOC2 and HIPAA certified, ensuring high precision and human care. Entity extraction: Turn disorganized case files into clear, actionable insights. Relational reflection: Categorize relevant information, eliminate duplication of damages, reconcile provider differences, and uncover key insights across K pages of material that could affect the outcome of a case. Output production: Adhere to company-specific language and formatting requirements, while line-level references make it easy to verify. Quality control: Reliable results with legal and medical expertise. The system is Depth trained in hundreds of thousands of personal injury cases and works closely with a world-class team of more than 100 legal, medical, and paralegal experts working together on several claims and medical chronology each week. Given that each plaintiff usually faces only one case that could affect their future, EvenUp understands the great responsibility that comes with it. As a result, the company adopted a dual strategy – combining AI and human review – to ensure that every plaintiff was treated fairly. When comparing the performance and results of EvenUp's Piai with general-purpose off-the-shelf models such as OpenAI's GPT-4, there is a significant difference in the handling of personal injury cases. Piai not only excels in a number of core areas, but also maintains a high level of performance in a number of critical tasks required to handle personal injury cases. Here are three significant advantages of PIAI over GPT-4: Medical costs: Piai is 95% accurate at identifying medical expenses, while GPT-4 can only reach 80%. Treatments: Piai has a 91% accuracy rate for treatment recognition and a 79% accuracy rate for GPT-4 Service Date Reflection: Piai reflects service dates to providers with 90% accuracy, significantly exceeding GPT-4's 68%. To put this into perspective, if 20% of the bills are missed in 100 cases (each missing bill affects an average of $5,000), the attorney may lose more than $100,000 in claim value. EvenUp effectively solves this problem with its solution, ensuring that all relevant bills are recorded and maximizing the claim value in each case, further underscoring the extreme precision required for personal injury claims. In 2020, EvenUp pioneered an AI-based requirements package and is now a leader in personal injury AI and document generation. To date, about 100,000 demand packs and medical chronology have been delivered. New Features of the Claims Intelligence Platform This latest funding round of $135 million puts EvenUp at a valuation of more than $1 billion, making it the largest funding round in the history of legal AI. With this financing, the company has launched four new capabilities as part of its Piai-powered claims intelligence platform, designed to be used during Case Life Week...