Harvey in Talks to Raise $250M at $5B Valuation
▼ Summary
– Harvey is in talks to raise over $250 million in a funding round led by Kleiner Perkins and Coatue, potentially valuing it at $5 billion.
– Sequoia Capital, which led Harvey’s $300 million Series D three months ago, is also expected to invest in this new round.
– Investors are attracted to Harvey’s rapid market traction, as legal firms adopt its generative AI for research and documentation.
– Harvey reported $75 million in annualized run-rate revenue in April and recently added AI models from Anthropic and Google.
– It remains unclear if OpenAI’s Startup Fund, an early backer of Harvey, will participate in this funding round.
Legal technology startup Harvey is reportedly negotiating a massive $250 million funding round that would catapult its valuation to $5 billion, according to sources familiar with the matter. The investment is being spearheaded by prominent venture capital firms Kleiner Perkins and Coatue, with participation expected from existing backer Sequoia Capital.
This potential funding follows closely on the heels of Harvey’s $300 million Series D round just three months ago, signaling strong investor confidence in the company’s rapid market adoption. The startup’s AI-powered solutions for legal research, documentation, and data analysis have gained significant traction among law firms globally, driving its annualized revenue to $75 million as of April.
Adding to its momentum, Harvey recently announced partnerships to integrate AI models from Anthropic and Google, supplementing its existing OpenAI-powered infrastructure. While the OpenAI Startup Fund—an early supporter—has not confirmed participation in this round, the latest developments underscore Harvey’s position as a leader in legal AI innovation.
Representatives from Harvey, Coatue, Sequoia, and Kleiner Perkins have yet to comment publicly on the fundraising discussions. If successful, this round would solidify Harvey’s status as one of the most valuable legal tech companies in the AI space.
(Source: TechCrunch)
