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The legal technology sector gained a new unicorn on Tuesday as EvenUp, an artificial intelligence provider, announced the closing of a $135 million Series D funding round, bringing its valuation to $1 billion.

EvenUp, based in San Francisco, focuses on personal injury claims and document generation. Along with securing fresh funding, the company launched a series of new products designed to expand its AI-driven workflow and product suite. The latest round of investment brings EvenUp's total funding to $235 million, including $220 million raised in the last 18 months.

EvenUp raises $135m Series D : Expanding the AI-Powered Platform

"At EvenUp, our mission is to close the justice gap through the power of technology and AI," said Rami Karabibar, CEO and co-founder of EvenUp, in a statement. "With our latest products, funding, and proprietary data, we're now better equipped to serve our customers."

EvenUp's AI claims intelligence platform is trained on hundreds of thousands of personal injury cases and millions of medical records, helping users craft more precise and effective demand packages. Its newly launched product suite covers the entire personal injury case lifecycle, providing tools for case preparation, negotiation, executive analytics, and a settlement repository.

Leading the Legal Tech Space

Founded in 2019, EvenUp serves over 1,000 law firms and claims to have helped firms recover more than $1.5 billion in damages. The company has seen its revenue grow over 100% year-over-year.

The $135 million Series D round was led by Bain Capital Ventures, with participation from Premji Invest, Lightspeed Venture Partners, Bessemer Venture Partners, SignalFire, and B Capital Group. Aaref Hilaly, a partner at Bain Capital Ventures, praised EvenUp's multi-product approach, highlighting the platform’s ability to leverage generative AI to address real-world challenges in the legal sector.

"The work Rami and his team are doing in the legal technology space is unmatched, especially given the quality of data they provide to customers and their new workflow products," Hilaly said.

Growth in Legal Tech Unicorns

EvenUp's rise to unicorn status marks another milestone for the booming legal tech industry. The company joins other AI-driven platforms like Harvey, which reached a $1 billion valuation after a $100 million Series C funding round in July.

Legal tech, particularly in the personal injury space, has attracted significant investment in recent years. In 2023, personal injury startups raised around $52 million, according to data from Law360 Pulse. Another startup, Supio, also made headlines recently by raising $25 million in a Series A round, further signaling the growing interest in legal technology solutions.