Investing in Newcase.ai: Unlocking Litigation Intelligence for Insurance Defense

September 10, 2025

We’re excited to announce our Fund V investment in Newcase.ai, a company transforming litigation in the insurance defense industry.

The Problem

Insurance defense attorneys face one of the most data-heavy and inefficient processes in modern law. What’s more, because 96% of matters settle, crucial past case data remains private and unindexed.

Take expert witness cross-exams: a single matter generates hundreds of transcript pages. To find weaknesses and contradictions, litigators want to research the opposing expert’s 50+ prior depositions and cross-reference testimonies and opinions across cases. Manually, such a review takes 60+ hours and costs clients tens of thousands of dollars. Traditional tools like Westlaw and LexisNexis don’t help; they index public case law, not private deposition transcripts.

The result? Wasted time, high costs, and limited ability for law firms and insurers to mine this valuable private data and respond quickly in high-volume litigation settings.

The Newcase Solution

Newcase has built the first AI-native litigation intelligence platform designed specifically for insurance defense. Its product ingests unstructured past matters, starting with depositions, and converts them into structured, context-aware insights. With Newcase, attorneys can:

  • Research thousands of pages of testimony using context-aware AI

  • Generate structured, explainable reports in hours instead of weeks

  • Cut review time by up to 90%, while improving accuracy and consistency

Early pilots have shown impressive results: reviews that once took weeks can now be completed in hours with higher accuracy. In head-to-head comparisons with other AI legal tools, customers have found Newcase to be the most effective solution for insurance defense, with one insurer already exploring a rollout across its national legal network.

It’s not about replacing attorneys or existing systems. It’s about giving legal professionals the intelligence they need. Faster, more affordably, and with greater accuracy.

Why We Invested

Several things stood out to us:

  • Founders with unique expertise and proven execution – CEO Nader Karayanni is a repeat founder, former Microsoft engineer, and published AI researcher. COO Mustafa Awad is a dual-qualified lawyer and accountant with direct experience in litigation workflows. 

  • A compelling wedge into a massive market – By focusing narrowly on expert witness reviews, Newcase has created a high-value entry point into the $20B U.S. insurance defense industry. From there, the platform can expand into liability analytics, claims triage, and precedent search.

  • Strong early validation – Early paid pilot programs have demonstrated clear efficiency gains and enthusiastic customer feedback, with signals of becoming the standard across large insurer networks.

That’s why we are proud to have led Newcase’s $1.15 million Pre-Seed round with an $800K investment. Joining us in the round were first-time co-investor The LegalTech Fund and our long-standing partner Plug and Play. As part of our investment, I have joined the board to help support the team’s growth.

The Road Ahead

The Newcase team is just getting started. Upcoming product releases will extend capabilities beyond expert witness review to include opposing attorney profiling and more features already being requested by customers. Longer term, Newcase aims to become the vertical operating system for insurance litigation, unlocking a multi-billion-dollar opportunity in legaltech.

We’re thrilled to welcome Nader, Mustafa, and the entire Newcase team to the Social Leverage portfolio as they build the future of litigation intelligence.