AI legal startup Eve hits unicorn status with $103M funding to bring AI to lawyers

San Francisco-based startup Eve has hit unicorn status after raising $103 million in new funding, pushing its valuation to $1 billion. Spark Capital led the round with participation from Andreessen Horowitz, Lightspeed Venture Partners, and Menlo Ventures—an investor lineup that signals growing confidence in AI tools built for plaintiff-side law firms.

In a blog post, Eve co-founder and CEO, Jay Madheswaran, said: “Today, I’m proud to share that Eve has raised a record-setting $103M in Series B funding, with a $1B+ valuation, to accelerate our mission: ensuring plaintiff law firms can deliver justice at a scale never before possible by becoming truly AI-Native.”

Eve Secures $103M, Becomes Legal Tech Unicorn Helping Plaintiff Lawyers Scale Cases

Bloomberg confirmed the raise, reporting: “In a new deal, the company raised $103 million at a $1 billion valuation, including the new investment, it said. Spark Capital led the new investment, with participation from Andreessen Horowitz, Lightspeed Venture Partners, and Menlo Ventures.”

Jay Madheswaran, and Matt Noe, pitches itself as an “intelligent partner” for plaintiff lawyers. Its platform automates much of the grunt work that typically slows cases down: everything from intake and evaluation to drafting demand letters, medical chronologies, complaints, discovery requests, and motion responses.

By handling this heavy lifting, the company says it helps lawyers work faster, increase their case capacity, and strengthen client relationships without piling more pressure on already stretched teams.

The tech has already shown what that means in practice. Eve claims its system can build comprehensive medical overviews in minutes, review documents five times faster than traditional methods, and boost a firm’s capacity by 2.5 times. Hershey Law used the platform in a whistleblower case against Dignity Health and walked away with a $27.5 million verdict in August 2025. “With Eve, we’re the smartest guys in the room,” said founder Brennan Hershey.

This latest raise builds on Eve’s quick climb. After a $14 million seed round in 2023 to prove out its research and discovery automation, the company closed a $47 million Series A in January 2025 led by Andreessen Horowitz. That momentum mirrors the broader surge in legal tech funding, which Crunchbase pegs at $2.4 billion so far this year.

Now with more than 450 customers and a thousand plaintiff lawyers using the system, Eve has secured its place among the sector’s rising stars. Its CEO, Jay Madheswaran—a former Lightspeed partner and head of product engineering at Rubrik—highlighted the scale the platform can handle: “A gigabyte is as easy as a megabyte for us.”

Investors see Eve’s edge in the economics of plaintiff law. Defense-side firms often hesitate to bring in AI that could cut billable hours, but plaintiff firms—paid through contingency fees—gain from speed. The more cases they can manage and win, the more profitable they become. That makes Eve’s pitch a direct fit.

Andreessen Horowitz’s David Haber described the startup as “leveling the playing field” in a system tilted against individuals, while Spark Capital’s James Kuklinski was blunt about what comes next: “It’s very clear that firms that don’t engage with AI are going to have a more challenging future. If you’re running a law firm today, you need to be engaging with AI in a meaningful way to stay competitive.”

The raise places Eve in the same conversation as rivals like Harvey, which secured a $300 million round at a $3 billion valuation earlier this year, and Legora, another player in the plaintiff law space. With new leadership hires in September 2025 and a fresh billion-dollar valuation, Eve is betting it can capture a big share of the trillion-dollar legal services market by turning AI into an everyday tool for plaintiff lawyers.