Harvey AI Corp., a provider of artificial intelligence software for attorneys, is reportedly seeking at least $500 million in new funding.
The Information today cited sources as saying that the round could value the startup at $15.5 billion. That’s a $4.5 billion increase over what Harvey was worth in March, when it closed its previous $200 million raise.
The valuation jump appears to be tied to the company’s revenue growth. According to The Information, Harvey recently passes the $350 million annualized revenue mark. That number reportedly stood at $190 million in January.
The report didn’t name the potential participants in the investment, but late-stage rounds almost always include contributions from returning backers. Harvey’s March round was backed by Sequoia, Coatue and other high-profile venture capital firms.
Harvey offers an AI platform that attorneys can use to automate repetitive parts of their work. A built-in search tool helps legal teams find regulations and precedents relevant to a case. After an attorney collects all the records necessary for a project, an AI drafting tool can turn the data into documents such as contracts.
Shortly before its last funding round, Harvey added an AI agent development tool to its platform. In May, it released a new version of the tool with a significantly expanded feature set. It tool can split a complex project into smaller tasks and carry them out in parallel using subagents to speed up processing. If the underlying AI struggles to complete a processing step, it can request input from a human.
Harvey displays a step-by-step explanation of how its agents plan to process a prompt before carrying out the work. That enables users to fix potential issues early and thereby reduce the need for revisions later on. If the information that a legal team stores in Harvey is insufficient for an automation project, users can give their AI agents access to external tools.
The company provides its core automation features alongside a dashboard called the Command Center. It displays metrics about how a company’s legal teams interact with AI agents. According to Harvey, executives can use the information to refine their AI training programs.
It’s possible the company is raising new capital to finance its AI model development efforts. Currently, Harvey relies on third-party models from the likes of Anthropic PBC and OpenAI Group PBC to power its platform. In June, the software maker announced plans to develop a custom foundation model series optimized for legal tasks.
Custom models often cost less than proprietary cloud-based algorithms. As a result, Harvey’s AI development push could shorten its path to profitability. The initiative could also make it easier for the company to compete with the AI providers that currently power its platform. OpenAI is reportedly developing ChatGPT tools for legal teams, while Anthropic PBC already ships such capabilities with Claude.
Photo of Harvey founders: Harvey
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