(MT Newswires) --
If you've ever had to deal with a personal injury case, you know how confusing and frustrating the process can be. That's exactly what EvenUp wants to change. What drives EvenUp is helping real people get fair treatment when they need it most.
Fixing a Broken System
Founded in 2019 by Rami Karabibar, Saam Mashhad and Raymond Mieszaniec, EvenUp, which is valued at $1.08 billion, according to financial data provider PitchBook, didn't start as just another tech company. The idea came from seeing how unfair personal injury law can be.
For Karabibar, who is CEO of the company, and his team, this isn't just a business problem. It's personal. His co-founder Mieszaniec saw his own dad become permanently disabled in a car accident and spend years fighting for a settlement that was less than $200,000, nowhere near enough for the life of a human being.
According to an internal estimate developed by EvenUp, every year, about 20 million Americans file personal injury claims, for everything from car accidents to dog bites. But the outcomes? They're all over the place, according to Karabibar.
"You could see two very similar cases, one that goes for $50,000 and another that goes for $500,000, and counterintuitively, this $50,000 case could take a year longer to settle than the $500,000 case," Karabibar said in an exclusive interview with MT Newswires.
It just doesn't make sense to have such a wide distribution in outcomes during some of the most vulnerable times in people's lives, Karabibar explained.
"So it was obvious with AI and where technology was headed, that this would be a solved problem, and we wanted to be the company that gets it there," he said.
Bringing AI to the Rescue
So what does EvenUp actually do? In a nutshell, the company uses AI to help personal injury lawyers get better, faster results for their clients. The company's website lists a series of products such as a Case Companion with an AI assistant built for Personal Injury claims, MedChrons, a medical chronology with full treatment, Express Demands, a Settlement Repository and Executive Analytics. But it's more than just fancy tech. It's about making the whole process smoother and less stressful for everyone involved, according to Karabibar.
EvenUp's platform works directly with law firms, helping them from the very first call all the way through to the final settlement.
"Our customers are injury lawyers," Karabibar said. "We help them across the life cycle of their cases, from day one all the way up to the resolution of their cases, so they can consistently settle their cases for the right amount as soon as they can."
"We would flag any areas of strength or weakness," he noted. "It even goes beyond that to say you might be missing information, and so you as a law firm should probably go get this bill or this medical record."
Instead of having a case manager or paralegal spend hours digging through paperwork, EvenUp's AI quickly creates important documents, such as demand letters and complaints, by learning from hundreds of thousands of real cases, Karabibar explained.
"We draft [the documents] on their behalf, and more importantly, the way we draft them is based on the collective wisdom of the hundreds of thousands of cases that we've seen," he said. "This means documents aren't just done faster - they're done smarter."
That speed and intelligence are especially valuable in a field where timelines matter, according to Karabibar.
As the Brown & Crouppen law firm noted on its website, "Personal injury claims are often settled within one year starting from the date that the claim is filed."
Still, the timeline for resolving personal injury cases can vary widely depending on complexity. According to information from Steven M. Sweet, Personal Injury Lawyers, APC's website, "In general, personal injury cases might take an average of six months to two or more years."
According to an internal EvenUp metric, lawyers wait an average of 150 days after a client finishes treatment to send a demand letter, according to Karabibar.
A lag isn't unique to EvenUp's internal findings. Brooks Derrick Accident & Injury Lawyers says on its website that: "Typically, once you let us know that your treatment is complete, we will send out a demand letter within 60 to 90 days." The firm says that this gives it time to put together a fact-based demand letter and to review and analyze all of a claimant's medical records and other documentation.
However, EvenUp's system can spot the right moment to send the letter, sometimes even before treatment ends, according to Karabibar.
"That brings that 150-day gap down to zero or even negative, [enabling] you to settle your cases consistently at the right amount and as [fast as possible]," Karabibar added.
Law firms win with more revenue, quicker case results and lower expenses, he said. And their clients benefit too - they wait less and get fair outcomes faster, he said.
Standing Out in a Crowded Field
Legal tech is a crowded space, but Karabibar said that EvenUp stands out because it's not just about software - it's about solving real problems. And most of their competition isn't other software - it's the old-fashioned human process.
But EvenUp isn't just automating the old way - it's rethinking it from the ground up.
"Most of what we're going after is just the existing human process of doing the work," he said.
And what about the big AI companies? Karabibar said he isn't worried.
"We don't really compete against them," he noted. "Because the thing about our industry is quality really does matter. So unless your software is trained on personal injury cases, like we have on hundreds of thousands of these cases, your accuracy is not going to be at the bar that actually saves time for personal injury attorneys."
In other words, a generic AI model just can't cut it in this business.
"Ninety percent of the way there might work fine in some industries, but that will get you disbarred as an attorney," Karabibar warned.
What really sets EvenUp apart is its data, according to Karabibar. The more cases the company handles, the smarter its system gets.
"There's very much a data network effect that builds up over time here, where the more cases we see...we're a lot faster and more accurate at coming up with the right outcome for [each] case," Karabibar explained.
Growth, Investors and Looking Ahead
EvenUp isn't just growing - it's exploding, according to Karabibar. The company has raised $234.9 million from top-tier investors, such as Bain Capital Ventures, Lightspeed Venture Partners and others, according to PitchBook.
Karabibar declined to provide revenue details but said that the company's case volumes are "growing well over 100%".
The value of the company has been rising steadily over the past three years, according to PitchBook. It was valued at $80 million as of September 2021, $325 million as of May 2023, $540 million as of February 2024 and $1.08 billion as of October 2024, according to the financial data provider.
The company has a "clear path to profitability if we chose to prioritize it", according to Karabibar who said that EvenUp is "deliberately investing in areas where we see outsized long-term returns - expanding our product roadmap, going deeper into adjacent offerings, scaling go-to-market, and hiring world-class talent."
Karabibar added that EvenUp is not preparing for an initial public offering in the near future.
"Our focus is on building a generational company that fundamentally changes how legal work gets done," he said. "Going public could be a natural step over time, but we're not optimizing for an IPO in the near term. Thanks to our recent Series D [$135 million fundraising round, led by Bain Capital Ventures in October 2024, according to PitchBook] and strong financial position, we have the flexibility to scale on our own terms."
For investors, the message is clear: this is a market where a few big players will dominate, and EvenUp is leading the pack, Karabibar said.
"You don't really see this as being a 10-player market," he said. "It's going to be a place where there's only going to be a few folks that really dominate, and it's really our game to lose because we're the biggest and we're growing the fastest."
"If we can eliminate 150 days off the life cycle of the case, you're talking about years of time for the average law firm," he said. "We see about 4,000 cases a week, and if you're saving half a year of time on 4,000 cases, you're talking about 2,000 years every week of time that we're saving through the power of our data and AI."
EvenUp's story is about more than just technology - it's about people, fairness and the belief that the legal system can and should work better for everyone. For Karabibar and EvenUp, that's a mission worth fighting for, and they're just getting started.
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