San Francisco-based EvenUp announced a $150 million Series E in October 2025, doubling its valuation to over $2 billion in just 12 months. The personal injury AI platform has now raised $385 million across four funding rounds in two years—each round preempted by investors rather than solicited by the company.
The financing was led by Bessemer Venture Partners, with participation from REV (the venture capital arm of RELX, which owns LexisNexis), B Capital, SignalFire, Adams Street, Bain Capital, HarbourVest, Lightspeed, and Broadlight Capital. The strategic investment from LexisNexis signals that even incumbents recognize the disruption underway in personal injury law.
The $61 Billion Market Gap
Personal injury represents a $61 billion US market serving approximately 20 million injury victims annually, yet the sector has remained remarkably inefficient. According to EvenUp's internal data, the average personal injury case takes two years to resolve, with a 150-day gap between the last date of treatment and when a demand letter is sent.
This inefficiency stems from systemic issues. With over 95% of cases settled privately rather than tried in court, firms lack clean internal data to evaluate potential offers or inform negotiations. Defense-side insurers possess comprehensive settlement databases, creating information asymmetry that disadvantages plaintiffs.
The founding team experienced this gap firsthand. Co-founder Raymond Mieszaniec was driven to create the company when a family member struggled to secure fair compensation after an injury, while CEO Rami Karabibar leads the company's mission to close the justice gap for the 20 million annual US injury victims. The company was founded in 2019 as an AI-first platform built specifically for personal injury economics.
The Innovation: Proprietary Settlement Intelligence
EvenUp's Claims Intelligence Platform is powered by Piai, its proprietary AI model trained on hundreds of thousands of injury cases and millions of medical records. The platform's differentiator is its Settlement Repository—anonymized settlement data from over 2,000 US law firms that enables data-driven case valuation.
According to company data, EvenUp's flagship product, Demands, is 69% more likely than traditional demand letters to achieve policy limit settlements. The platform has helped resolve more than 200,000 personal injury cases, securing over $10 billion in damages for injury victims.
Raymond Mieszaniec, EvenUp's co-founder, convinced plaintiffs' attorneys to provide access to actual settlement numbers in an anonymized format—a breakthrough in an industry where settlement data has historically been opaque. This network effect becomes more valuable as more firms join, creating switching costs for existing customers.
The Category: Claims Intelligence
EvenUp avoided positioning itself as "document automation" or "legal research," instead creating the category of "Claims Intelligence." The platform spans the entire case lifecycle from intake through settlement, including case preparation, demand drafting, missing document identification, settlement estimation, and executive analytics.
The company reports that volume on its platform nearly doubled in the six months preceding the October 2025 raise, reaching 10,000 cases per week. Over 2,000 US firms now use EvenUp, including 20% of the Top 100 personal injury firms in the United States.
Steve Mehr, Founding Partner at Sweet James in California, stated that his firm "scaled past $500M in annual results with 70% YoY growth, all without increasing headcount. EvenUp has been a key partner in that journey."
Adoption at Scale: The Network Effect
Kyle Wright, Managing Attorney at Wisehart Wright in Ohio, described using EvenUp's Case Companion to dismantle defense arguments in real time, turning a $50,000 initial offer into a $1.75 million settlement at mediation.
EvenUp's largest customer now pays over $4 million annually, generating approximately $40,000 in revenue per employee at that firm. The company's annual recurring revenue is doubling year-over-year, according to Fortune's reporting.
Sameer Dholakia, partner at Bessemer Venture Partners, compared EvenUp's trajectory to fundamental business software: "Just as word processors became essential, AI will soon be table stakes, and EvenUp will be the gold standard lawyers rely on."
The Winner-Take-Most Dynamic
Personal injury faces intense competition. Andreessen Horowitz-backed Eve raised $103 million just days before EvenUp's announcement. Harvey, valued at $8 billion, and Supio also target personal injury workflows. Yet EvenUp's CEO Karabibar believes the market will consolidate: "I don't think there's gonna be 100 players in this space. I think it's going to be a winner-take-most dynamic."
The personal injury market's unique characteristics favor vertical dominance. Contingency fee economics mean firms only profit when cases settle quickly and for maximum value. AI that demonstrably increases settlement amounts and reduces time-to-resolution has clear ROI, unlike productivity tools in hourly billing environments.
Strategic Takeaways for US Legal Tech
→ Vertical markets create defensible businesses: EvenUp's focus on personal injury enables deeper product specialization and stronger network effects than horizontal legal AI platforms attempting to serve all practice areas.
→ Proprietary data trumps generic AI: Settlement data from 2,000+ firms provides training advantages that large language models alone cannot replicate, creating sustainable competitive moats.
→ Contingency economics accelerate adoption: Practice areas where attorneys only get paid upon case resolution have stronger incentives to adopt efficiency tools than hourly billing practices.
→ Information asymmetry creates opportunities: Markets where one side possesses superior data (insurance companies vs. plaintiff attorneys) represent prime targets for AI disruption.
→ Strategic investors validate categories: RELX/LexisNexis investing through REV signals that incumbents view personal injury AI as a structural shift rather than a temporary trend, reducing execution risk for customers and employees.
The personal injury AI market has moved from experimentation to category establishment. EvenUp's $2 billion valuation and rapid customer adoption demonstrate that vertical-specific AI platforms can capture venture-scale returns when they solve clear economic pain points with proprietary data advantages.
