Legal AI company EvenUp raises $50.5 million

Legal AI company EvenUp has raised an additional $50.5 million in Series B funding from new investors including Bessemer Venture Partners and Bain Capital Ventures.
VC funding for techThe San Francisco-based EvenUp said participants in the latest VC funding round included existing investors SignalFire, NFX and DCM. EvenUp raised $65 million to date.

EvenUp provides a product to personal injury law firms that automates the workflow for demand letters, using generative AI and a proprietary legal dataset. Its customers have seen a 30 percent increase in payouts, in addition to time savings from drafting legal claims, CEO Rami Karabibar told Reuters.

EvenUp has over 300 customers, who pay annual subscription prices in the thousands to hundreds of thousands of dollars, and has already exceeded $10 million in recurring revenue this year.