Robert Ambrogi Blog
The legal AI company Harvey said today that it has raised another $550 million at a $15.5 billion valuation, co-led by Diffusion and Lightspeed.
By my calculations, that puts the total amount Harvey has raised since its 2022 launch at north of $1.5 billion.
Other investors participating in this round were Sequoia, Kleiner Perkins, a16z, Coatue, Conviction, Elad Gil, Evantic, GIC, Goldman Sachs Alternatives, Whale Rock, WndrCo, Sapphire and Verified Capital.
On LinkedIn, cofounder Winston Weinberg wrote that the company has now crossed $400 million in annual recurring revenue and serves more than 3,000 customers, including 80% of the top 100 law firms, 20% of the Fortune 500, and half of the Fortune 10.
The company noted that the raise follows the introduction of Tenet, its first post-trained open-weight model, and the launch of Harvey LAB, the Legal Agent Benchmark.
Weinberg said the capital from this round is being invested “into our two most important resources: people and compute.”
He said that the company is hiring aggressively across product, engineering, research, and go-to-market roles as it expands into new verticals and builds more specialized products for contracting, litigation, deals and compliance.
With regard to compute, he said that the company will be investing heavily in both its harness and its own model training.
He said the launch of Tenet was just the start, “and this round lets us scale the compute and data behind the generations that follow.”