(Bloomberg) -- EvenUp Inc., a personal injury startup making artificial intelligence products for law firms, has raised $135 million in a new funding round valuing it at more than $1 billion.
The deal was led by Bain Capital Ventures, with participation from Premji Invest, Lightspeed Venture Partners, Bessemer Venture Partners, SignalFire and B Capital Group, the startup said.
More than 1,000 law firms use its product, according to the company, which helps prepare cases and analyze large volumes of documents. “It is inevitable that this industry will become more transparent,” said Chief Executive Offier Rami Karabibar.
Karabibar said that with EvenUp, people harmed in vehicle collisions or other accidents will ultimately receive better settlements in a more efficient process.
While some have worried that artificial intelligence could replace legal jobs, Aaref Hilaly, partner at Bain Capital Ventures, said that it can make lawyers more effective. “Lawyers can focus on clients, not paperwork.” He said that he invested because EvenUp is well positioned in the personal injury category, a significant market.
Sameer Dholakia, a partner at Bessemer, said that although the business already has a valuation above $1 billion, he thinks it could go up 10-fold. “It can be a decacorn,” he predicted, calling the startup the “most consequential legal AI company out there.”
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