Sept 30 (Reuters) – Eve, a San Francisco-based startup that makes artificial intelligence tools for plaintiffs’ law firms, said on Tuesday that it has raised $103 million at a $1 billion valuation.
Venture capital firm Spark Capital led the funding round, which also had participation from Andreessen Horowitz, Lightspeed Venture Partners and Menlo Ventures.
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Eve says its technology helps plaintiffs’ lawyers evaluate new cases, draft documents and demand letters, generate medical chronologies, and send and respond to discovery requests. The company said it has more than 450 law firm customers.
Jay Madheswaran, CEO and co-founder of Eve, said that while investors have historically been interested in defense-side legal technology companies, more plaintiffs’ lawyers are embracing tech tools amid competitive pressures and as AI gains traction generally. Eve has raised $164 million in total, he said.
Other AI startups catering to plaintiffs’ lawyers have raised capital from investors in recent years. EvenUp was valued at over $1 billion after it raised $135 million in a funding round about a year ago. Another company, Supio, raised $60 million in April.
Legal technology companies that offer AI products for corporate law firms and in-house legal teams have also raised hundreds of millions of dollars from investors in recent years. Filevine, which makes legal practice management software, last week raised $400 million in equity financing and said more of its revenue now comes from sales of AI products than from its traditional software platform.
Reuters’ parent company Thomson Reuters, which owns Westlaw, is also a competitor in the legal technology field.
Reporting by Sara Merken