Harvey on Thursday confirmed closed a funding round, led by Andreessen Horowitz, that values the legal artificial intelligence startup at $8 billion after reports of the funding leaked in October. The startup raised $160 million in the round.
This latest infusion of capital comes just months after it raised $300 million in a Series E round at a $5 billion valuation in June. And that was just months after a Sequoia-led creation $300 million Series D at a $3 billion valuation in February.
Harvey’s investors include EQT, WndrCo, Sequoia, Kleiner Perkins, Sarah Guo’s Conviction and Elad Gil. In September, just before he raised this last big round, Harvey was released some details about his business. While she declined to share any absolute numbers, only growth and retention rates (she later told TechCrunch that she topped $100 million in annual recurring revenue in August), she said she counts 50 of the top AmLaw 100 firms as her clients. It also serves corporate legal teams.
As an entirely word-based industry, it makes sense that legal functions would be a perfect use case for an LLM: searching, summarizing and drafting, all based on domain-specific training. But Harvey is also one of the best examples of how VCs are “making a king” these days. This involves throwing huge sums at a startup to show how stable it is, which encourages big business clients like law firms to sign big contracts in a self-fulfilling prophecy.
Since Harvey was founded in 2022, it may be far enough ahead of the competition – both in client acquisition and enhanced training from working with so many law firms – to be the king of this market. At least, one of its longtime VCs, Elad Gil, thinks so.
Gil told TechCrunch that Harvey is one of the AI market leaders experiencing bona fide growth because its technology and market position “just work.”
Harvey founder and CEO Winston Weinberg recently told TechCrunch editor-in-chief Connie Loizos an incredible story about how he first won the hearts of Silicon Valley VCs.
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It all started with a proof of concept about landlord-tenant law and a cold email to Sam Altman. Harvey became one of the first investments of the OpenAI Startup Fund. And he’s been a VC favorite ever since.
