Legal AI Startup Eve Valued at $1B After $103M Round: Reuters

Legal AI startup Eve has achieved a $1 billion valuation following a $103 million funding round, according to Reuters. Spark Capital led the investment, with participation from Andreessen Horowitz, Lightspeed Venture Partners, and Menlo Ventures. Eve's AI assistant supports plaintiffs' law firms by streamlining case evaluation, document drafting, medical chronology generation, and discovery request management. CEO and co-founder Jay Madheswaran reports the company currently serves over 450 law firms and has raised a total of $164 million to date. Madheswaran attributes the increasing adoption of technology by plaintiffs' lawyers to competitive pressures and the broader adoption of AI within the legal sector. This funding underscores a growing investment trend in legal AI. Bloomberg highlights Eve as the "latest in a new wave of startups raising money after gaining a foothold at law firms." Similar companies, such as EvenUp and Supio, have also secured significant funding rounds recently. Investment is also expanding into AI solutions for corporate law firms. Filevine recently obtained $400 million in equity financing and reported that AI product revenue now surpasses its traditional software platform. Thomson Reuters, the parent company of Reuters, also competes in the legal technology market.