Harvey on Thursday confirmed it closed a round of funding, led by Andreessen Horowitz, that values the legal AI startup at $8 billion after reports of the funding leaked in October. The startup raised $160 million in the round.
This latest capital infusion came just months after it raised a $300 million in a Series E round at a $5 billion valuation in June. And that was just months after raising a Sequoia-led $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 raising this latest mega round, Harvey released some details about its business. While it declined to share any absolute numbers, just percentages of growth and retention (it later told TechCrunch that it surpassed $100 million in annual recurring revenue back in August), it said that it counts 50 of the top AmLaw 100 firms as its customers. It also serves corporate legal teams.
As an industry entirely based on words, it makes sense that legal functions would be a perfect use case for LLMs: searching, summarizing, and drafting, all based on domain-specific training. But Harvey is also one of the best examples of how VCs are “kingmaking” these days. That involves pouring vast sums of money into a startup to signal how solid it is, which encourages large enterprise customers, like law firms, to sign big contracts in a self-fulfilling prophecy.
Given that Harvey was founded in 2022, it may be far enough ahead of competitors — both in customer acquisition and the reinforced training from working with so many law firms — that it is the king of this market. At least, one of its long-time VCs, Elad Gil, thinks so.
Gil told TechCrunch that Harvey is one of the AI market leaders that is experiencing bona fide growth because its tech and market position are “just working.”
Harvey’s founder and CEO Winston Weinberg recently told TechCrunch’s editor-in-chief Connie Loizos an incredible story of how it originally claimed the hearts of Silicon Valley’s powerhouse 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 OpenAI Startup Fund’s first investments. And it’s been a VC darling ever since.