Clio Ventures backs better legal access with EvenUp deal

 Clio Ventures backs better legal access with EvenUp deal

Image courtesy: EvenUp

Clio Ventures, the recently-launched investment arm of Clio, has now invested in EvenUp, a US-based legaltech startup. Bessemer Venture Partners and Bain Capital led the US$50.5 million Series B funding round for EvenUp. This is Clio Ventures’ second legaltech startup investment of the year, following its investment in US-based Steno in May.

EvenUp is a legaltech startup that provides generative AI-driven, cloud-based solutions focused on helping plaintiffs with personal injury lawsuits. The platform simplifies settlement proceeds distribution for law firms and their clients, with the mission of providing equal access to settlements and justice for personal injury victims. EvenUp automates the calculations for distributing settlement proceeds, generating settlement statements and receipts in a quick and efficient way.

As part of the announcement, EvenUp also launched Litty, the first AI personal injury legal assistant. Interestingly, the assistant has been trained on millions of records and hundreds of thousands of case outcomes. As a result, Litty has the capacity to analyze raw medical records and produce output tailored for personal injury use-cases.

“Litty, our new AI assistant for personal injury, outfits every lawyer, paralegal, and case manager with superpowers. On our path to instantly drafted demand packages, this first release produces concise summaries for case facts and medical history within seconds. We believe Litty’s AI will be a game-changer in legaltech.”

Rami Karabibar, CEO of EvenUp

EvenUp claims that its use of emerging technology and AI has been groundbreaking. Currently, over 200 law firms rely on it while processing more than 1,000 demands each month. Moreover, the company says it has helped lawyers and victims receive more than US$350 million in damages so far.

Also read: Canadian legaltech unicorn Clio appoints new CPO

Clio Ventures continues to back unique legaltech startups

Burnaby, British Columbia-based Clio is a cloud-based legal technology company with its headquarters based in Canada. The company provides a cloud-based practice management platform that helps lawyers manage and grow their practices. Clio claimed to become the “first legal practice management unicorn” globally when it raised US$110 million Series E in May 2021. In 2022, Clio launched Clio Ventures to invest in other global legaltech startups and drive sectoral innovation.

EvenUp represents Clio’s sixth significant inorganic move in a promising legal technology in the previous five years, which includes three investments. Apart from EvenUp & Steno, it also invested in Proof, an on-demand platform that serves court documents, in March 2022. Additionally, Clio purchased Lexicata — now Clio Grow — in 2018, as well as CalendarRules and Lawyaw in 2021. Lexicata streamlined client intake in practise management, while CalendarRules and Lawyaw automates laborious and error-prone legal process steps.

“Our goal in launching Clio Ventures is to identify and support companies who are developing innovative technology that aligns with Clio’s mission of improving the legal process and increasing access to justice for all. EvenUp’s mission to close the justice gap for personal injury victims through technology is incredibly innovative. We’re excited to welcome EvenUp to our ecosystem and offer Clio customers access to its game-changing technology to ensure all lawyers and victims have equitable access to justice.” 

Shubham Datta, Vice President of Corporate Development at Clio

According to Datta, Clio hosts the largest and most complete application ecosystem for the legal sector. And Clio’s ability to deliver technology at every stage of the legal journey is further extended by the recent investments.

Earlier this month, the Canadian legaltech unicorn had announced the appointment of its new Chief Product Officer, Hemant Kashyap.

Also read: Doormat raises CA$1.25M for better real estate legal service


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