The Brief:
Harvey raises US$550m at a US$15.5bn valuation, more than tripling its worth in just over a year.
The legal AI giant has crossed US$400m in annual recurring revenue, as rival Legora reportedly chases a US$10bn round of its own.
Harvey has raised another US$550m (A$761m), tripling its valuation to US$15.5bn (A$21.5bn) in just over a year.
The round was co-led by new investors Diffusion and Lightspeed Venture Partners. New backers also include Sapphire Ventures and Whale Rock. Existing investors like Sequoia, Kleiner Perkins, a16z and Goldman Sachs Alternatives all participated again.
The run is relentless.
US$300m at US$5bn last year.
US$200m at US$11bn in March.
Harvey’s now banked more than US$1.5bn since launching in 2022.
The numbers back it up. Co-founder Winston Weinberg says Harvey has crossed US$400m in annual recurring revenue and now serves 80 of the top 100 US law firms.
The raise follows the launch of Tenet, Harvey’s first proprietary model, as it pushes to own the AI stack rather than just build on OpenAI and Anthropic.
The cash wil go straight into people and compute. “On people, we’re hiring aggressively across product, engineering, research, and go-to-market as we expand into new verticals and build more specialised solutions for contracting, litigation, deals, and compliance,” Weinberg said.
Lawyers Weekly recently reported Harvey’s ambitions stretch beyond law firms too. It’s been three years since Harvey partnered with PwC to automate contract analysis, compliance, due diligence and legal research, and the firm is now pushing further into professional services.
Harvey COO Katie Burke said Harvey’s pull inside client organisations is already spreading beyond the legal team. “I think what you're seeing with a lot of customers as we grow in scale, is that the legal team starts driving adoption of Harvey, and then, for example, compliance, security, HR, finance, often think, how do we get our hands on Harvey?”
The raise comes hot on the heels of Swedish rival Legora, which just tripled its own valuation to US$5.55bn after a US$550m Series D led by Accel, and is now reportedly eyeing a fresh round at US$10bn.
Source: Harvey, Non-Billable