Premji Invest & EvenUp Partnership
We are thrilled to announce our investment in EvenUp's Series D, and to be partnering with founders Rami Karabibar, Saam Mashhad, and Ray Mieszaniec, along with the rest of the EvenUp team.
At Premji Invest, we believe the most successful vertical AI businesses will unlock new multi-billion-dollar markets by delivering value to customers in innovative ways. These companies will mimic elements of human labor, enabling them to tap into vast pools of services spend. Over time, when these vertical AI companies cross-sell adjacent products, they can serve as both the system of record and system of engagement, enabling them to capture outsized marketshare. We believe EvenUp is on a clear path to becoming the leader in AI for personal injury law, and we couldn't be more excited to partner with the team on their mission to revolutionize the broader legal industry and ensure that every case gets a fair resolution.
Demand letters are holding back personal injury law firms
For personal injury law firms, putting together a demand letter is the most critical step in the process of advocating for their clients. Demand letters present a client's case to insurance adjusters and seek compensation for injuries, and typically include a summary of the incident, damages, and the proposed settlement amount. In the status quo, attorneys are often spending 10-20+ hours per demand letter reviewing medical records, organizing evidence, and crafting arguments – it is a highly labor-intensive, manual process that is rife with errors and omissions.
Meet EvenUp’s Platform: the only tool attorneys love more than contracts
Enter EvenUp. EvenUp fully automates the process of generating a demand letter, reducing time to value by ~95% while also minimizing human error and providing superior content quality to what attorneys could produce manually. Automating the time-intensive process of writing demand letters enables law firms to dedicate more energy to higher-value tasks, like interacting with clients or bringing in new deals. Customers rave about the quality of EvenUp’s demand letters, with many reporting a meaningful improvement in settlement turnaround times. And based on EvenUp’s internal data, its Demands product is 69% more likely than non-EvenUp demand letters to achieve a policy limit settlement.
Demand letters, however, are just the tip of the iceberg for EvenUp. What excites us about EvenUp is their long-term vision to serve as the primary technology platform to service every need of a law firm; the company’s 4 new products area massive step towards realizing that vision. Each of the company’s new products streamlines day-to-day workflows and addresses common challenges for personal injury law firms employees. Case Preparation proactively helps case managers review records and proactively identifies missing documents; Negotiation Preparation and the Case Companion AI case assistant empower attorneys with insights on strengths, weaknesses, and key facts during negotiations; Executive Analytics surfaces insights and benchmarks from EvenUp’s proprietary settlement dataset; and Settlement Repository enables personal injury law firms to send more persuasive demands and use real outcomes to optimize negotiation decisions.
Vertical AI is the future
EvenUp is a pioneer in Vertical AI that is delivering unique, superior value to personal injury law firms. Precision is critical in law; if, hypothetically, EvenUp's demand letters contained errors even 5% of the time, attorneys would lose trust in EvenUp. Today, EvenUp can generate an entire demand using a mix of ML + GenAI without any human oversight. In contrast with competitors leveraging off-the-shelf LLMs, EvenUp’s platform is powered by its proprietary AI layer known as Piai™ (pronounced Pia), which is trained on hundreds of thousands of injury cases and millions of medical records from EvenUp’s proprietary data.
Piai™ is trained and leveraged by EvenUp’s team of nurses, paralegals, and attorneys. This layer of humans in the loop uses their internal expertise to ensure high-quality outputs from Piai™ while eliminating hallucinations. This is a great value proposition: first, it is extremely easy to sell because attorneys receive a full demand letter (no change management required, unlike most legal copilots which have mixed reviews, given attorneys dislike changing habits). Secondly, the product is delivered free of errors.
Furthermore, EvenUp has built a powerful business model with large ACVs (given value delivered), pricing power, and a meaningful moat. By getting deep insight into case-level data & outcomes, EvenUp has the right to mine this data and cross-sell adjacent products across the entire journey from intake to case closure. Eventually, EvenUp will serve as the primary technology platform that services nearly all of a law firm's needs, from marketing, lead management, CRM, demand packages, executive analytics, coaching, claims intelligence, and more. This product flywheel will deeply embed EvenUp within their customers' workflows. Finally, as underlying foundation models improve and EvenUp streamlines internal ops, EvenUp will exhibit strong software-like gross margins.
Turning unstructured data into a goldmine
EvenUp’s broader multi-product vision is underpinned by its ability to ingest unstructured data (raw case files such as police reports and medical bills), extract entities, index this information with cross-entity relationships, and retrieve this information through natural language queries. This is a materially better value proposition than that of legacy providers like Filevine, which captures data in relational databases with schema-on-write. Today, users of EvenUp can ask “how many black females between the ages of 60 to 64 were hit by a car and suffered moderate back injuries and required treatments including physical therapy for 3-6 months in Austin, Texas in the last 18 months?”. Previously, this type of query would be impossible to run: the data required to execute this query sat, unindexed, across law firms’ CRMs in a distributed manner.
Indexing unstructured data enables EvenUp to monetize this data in novel ways by providing a “claims intelligence” platform to personal injury law firms. The company’s 4 new products are the first step in building out a broader platform that will own the entire workflow for personal injury law firms, from lead management and intake all the way through litigation. We have strong conviction in the team’s ability to continue to ship innovative new products. EvenUp’s engineering and product teams, which span 100+ people, have shipped 50+ releases this year alone. 20% of customers are already multi-product users, and this will only increase over time.
EvenUp’s settlement database ~ Uber-like global-local network effects
EvenUp's settlement database is underpinned by powerful local data network effects. The same injury might yield different outcomes in different states. For instance, in Pennsylvania, plaintiffs need to prove serious impairment of bodily function in a motor vehicle accident, otherwise insurance companies deny claims pre-suit. In fact, EvenUp customers mentioned that settlement values may differ based on how specific judges in a zip code may have set precedent on certain cases. None of this information was collected previously. Now, EvenUp can provide historical case precedent in a highly localized manner.
This is analogous to how Uber built its business. Uber needed to reach critical mass in each district/city to create value for its users. EvenUp’s approach is not dissimilar; the company plans to become a market leader in every region it operates. Over time, this will cement its dominance across regions, creating a sticky network effect that will make it near impossible for new entrants to compete.
Beyond a reasonable doubt: EvenUp will revolutionize the legal industry
What excites us about EvenUp and Vertical AI more broadly is how massive the opportunity is. We're already seeing tangible benefits EvenUp's customers are reaping in terms of improved settlement values and increased time they can dedicate to better serve their clients. Over 1,000 law firms use EvenUp, which has helped them claim over $1.5 billion in damages. EvenUp has flagged $200 million in missing documents, leading to settlement increases of up to 30% – putting more money back in plaintiffs' pockets faster.
Eventually, EvenUp will offer additional products across litigation financing, lead management, marketing, referral marketplace, intake/call transcription, digital nurse/treatment agents, and much more. We believe EvenUp will replace existing legal practice management software vendors as customers' primary system of record. Longer-term, EvenUp has ambitions to expand well outside of personal injury prosecution attorneys. This is a market where a first-mover advantage is critical to mindshare. Vertical AI lends itself to winner takes most dynamics with EvenUp on a path to owning this market. We're extremely excited about the road ahead for EvenUp and honored to be joining their incredible team on their mission to transform law!