NEW YORK--(BUSINESS WIRE)--Justpoint, the artificial intelligence solution helping users find the right litigation attorney for their claim, announced today a $50M line of credit through a strategic partnership with a NY-based financial institution and a bridge round of $300K led by Beresford Ventures, to bring its service to more potential plaintiffs.
The investment will be used to scale up operations and further equalize and transform the personal injury litigation process. Justpoint’s predictive analytics models use their database of historical claims to direct plaintiffs to the attorneys who are more likely to represent them best. With this platform, Justpoint improves the odds and the processing speed of claims with merit and helps them obtain a larger claim award.
“With this investment, Justpoint is positioned to help even more people who suffer from medical mistakes obtain legal representation in pursuit of justice,” said Victor Bornstein, Co-founder and CEO of Justpoint. “Medical mistakes are the third leading cause of death in the US, and if a mistake happened to you or someone in your family, the odds are stacked against you. Minorities are further disadvantaged, with a higher rate of being victims, while receiving lower average payouts or no payouts.”
Medical malpractice insurance companies hold a huge advantage; these are the companies covering all litigation costs for doctors. With their large financial resources and access to strategic aggregated claims data, they are able to more effectively dismiss lawsuits and minimize payout amounts.
The same is not true for plaintiffs; amid the barrage of ads from litigation attorneys, it’s difficult to find the right representation. Moreover, some attorneys don’t have the necessary capital to best litigate a case. Justpoint was founded in 2018 by Victor Bornstein and Oleksandr Zakharchuk to solve these issues. In the past 3 years, the company created a robust database of historical claims to rival that of insurers.
"Often the best medical malpractice attorneys don't advertise. Their reputation alone brings in more than enough work, but that also means it'll be very difficult for you to come across them in your search. Justpoint is committed to helping patients and families find these attorneys," says Doug Wojcieszak, president of the medical malpractice non-profit, Sorry Works!
This investment comes as recent regulatory changes were announced in January 2021, when the Supreme Court of the State of Arizona modified Model Rule 5.4 that previously prevented the direct sharing of legal fees between non-lawyers and lawyers. The intended goal of this rule is to improve access to justice and innovation in the legal space by facilitating partnerships between attorneys and non-attorneys. Justpoint now receives a percentage of the future payout of the claims they help from the attorney to better serve plaintiffs. This business model further incentivizes Justpoint to find attorneys who are more likely to win and who can recover the most for plaintiffs.
“Justpoint brings transparency and efficiency to an industry that has been notoriously lacking both since its inception in the early 1900s,” said Vivek Garipalli, CEO of Clover Health and investor at Justpoint.
Justpoint is an AI-first company redesigning the medical malpractice space, offering consumers and law firms a faster and better way of understanding the legal merits of a claim as well as an instant prediction of the likely settlement amount. To advance this industry, Justpoint has put together a team with extensive achievements in healthcare technology, medical malpractice litigation, and artificial intelligence. For more information, visit Justpoint.com.