Legal AI company EvenUp valued at over $1 billion in latest funding round

:EvenUp, an AI startup that helps lawyers streamline tasks such as drafting and reviewing documents, was valued at over $1 billion on Tuesday, after it raised $135 million in a funding round led by Bain Capital Ventures.
Premji Invest, Lightspeed Venture Partners, Bessemer Venture Partners, SignalFire and B Capital Group also participated in the round, which brought the company’s total fundraise to $235 million, EvenUp said.
Despite subdued dealmaking activity elsewhere in private markets, AI startups have appealed to venture capital backers who are betting on a surge in demand for firms that help improve productivity.
Over 1,000 law firms use EvenUp, the company said. Its claims intelligence platform, which provides insights and helps with drafting documents, is powered by an AI model trained on personal injury cases, medical records and internal legal expertise.
The company’s revenue has jumped two-fold year-over-year. Its workforce in the U.S. and Canada has also more than doubled in the past 12 months, it said.
It also launched four new products on Tuesday, to help clients identify missing documents when they prepare their case and to provide data and analytics.
One of its new products is an AI assistant that will provide real-time answers to complex questions.