EVENUP·Vertical AI application software for plaintiff-side personal-injury (PI) lawPre-IPO · Private

EvenUp

ConvictionContext

B2B SaaS sold to PI law firms (per-case / seat / usage pricing on AI-drafted demand packages, medical chronologies, case analysis), extending into a labor-substitution 'Pre-Litigation-as-a-Service' offering that pairs its AI with U.S.-based case-management staff; ARR-driven, land-and-expand within firms

Revenue

Not disclosed as an absolute figurecompany states ARR is doubling year-over-year and that nearly 90% of new sales come from products launched in 2025. Largest single customer is a $4M+ annual-contract-value account (~$40k revenue per employee at that firm).

Rev growth

ARR ~2x YoYcompany-stated, not audited); platform case volume ~doubled in the six months before the Oct 2025 raise to ~10,000 cases/week

Gross margin

Not disclosed. Vertical AI-app economics pressured by per-case LLM/compute cost of ingesting large medical-record setsfounders publicly cite balancing rising compute cost against customer pricing.

Op margin

Not disclosedpresumed negative — growth-stage, heavy R&D/GTM spend, $385M total raised and still scaling

Capex intensity

Low direct capexsoftware); principal cost is variable cloud/LLM inference (opex), not owned infrastructure

Valuation

~$2B+Series E post-money, Oct 2025; private — no public market cap

Valuation trail

Series E — $150M at ~$2B+2.0× since Oct 2024

2 marks · Oct 2024–Oct 2025

private — no public price

Priced round

Two firmly-grounded priced rounds; valuation roughly doubled in ~12 months. $385M total raised across all rounds. The ~$2B Series E mark is reported as '~$2B+' and not officially confirmed to a precise figure, so the E point is an approximation.

The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for EvenUp

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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