Eve, AI-powered platform for plaintiff-side law firms, raises $103 million in Series B round
Day beforean AI platform for plaintiffs’ law firms, has raised $103 million in Series B funding at a valuation of more than $1 billion, it announced today. The round was led by Spark Capital, with participation from existing investors Andreessen Horowitz, Lightspeed Venture Partners and Menlo Ventures.
This follows the company’s $47 million Series A raise last January. Since then, the company says, it has grown significantly, adding more than 350 new businesses to its clients and bringing its total customer base to more than 450 businesses.
The company says the platform now processes more than 200,000 legal cases annually and has helped businesses collectively recover more than $3.5 billion in settlements and judgments.
In an interview for my LawNext podcast last March, Eve co-founder and CEO Jay Madheswaran told me that Eve’s mission was to transform traditional plaintiffs’ firms into what he called “AI-native law firms.”
Eve sought to achieve this, he said, with technology that not only automates tasks but fundamentally changes the way legal services are delivered, in part by coding businesses’ unique knowledge and processes into intelligent systems.
In announcing this latest investment, Madheswaran, a former engineer at Facebook and venture capitalist at Lightspeed Venture Partners, said Eve aims to help plaintiff companies overcome heavy workloads and growing case backlogs so they can achieve justice for their injured and wronged customers.
“This is why we built Eve,” he said in a statement released by the company. “Plaintiff firms are fighting for fairness against companies with unlimited resources. It’s no longer about keeping up, but gaining the upper hand. Firms must become AI native, reinventing their entire practice to outsmart the competition and deliver transformative gains for their clients. With this funding, we will arm them to do just that.”
Eve’s platform is designed to help IP firms through every phase of a case, from intake and evaluation, through pre-litigation and discovery. The company describes it as “an intelligent partner” that can help lawyers maximize their productivity.
“To create the most advanced legal AI, we have brought together an unprecedented team of AI engineers and legal experts,” said Madheswaran. “We gave them a unique mission: to create a platform designed for the breakneck speed of modern AI. »
“Eve represents exactly the type of company we are looking for: one that fundamentally transforms the way work gets done in a massive, traditional industry,” said James Kuklinski, general partner at Spark Capital.
“The legal industry is ripe for this level of innovation, and Eve’s incredible traction serving hundreds of companies in less than two years since its launch proves that plaintiffs’ attorneys are ready to adopt AI-native workflows.”
