Harvey Targets $15.5 Billion Valuation as Revenue Surges Past $350 Million

Legal artificial intelligence (AI) startup Harvey is in talks to raise $500 million at a $15.5 billion valuation, including the investment, The Information reported Friday (Aug. 7), citing an unnamed source.

The reported valuation would be up from the $11 billion valuation Harvey achieved in a March funding round in which it raised $200 million.

Harvey’s annualized revenue has leapt more than 80% since January, from $190 million to more than $350 million, according to the report.

Reached by PYMNTS, a Harvey spokesperson declined to comment on the report.

When Harvey announced its funding round in March, the company said in a press release its AI-powered products streamline workflows in contract analysis, due diligence, compliance and litigation; deploy more than 25,000 custom agents; and as of March, were being used by more than 1,300 customers in 60 countries.

Harvey announced July 28 that Growth Equity at Goldman Sachs Alternatives and J.P. Morgan Growth Equity Partners completed an investment in the company.

Harvey CEO Winston Weinberg said at the time in a press release: “As we scale, bringing on marquee investors for our next stage of growth is critical, and we feel fortunate to have two of the best names in the investment space as part of Harvey.”

PYMNTS reported in October that AI was making inroads in the legal profession, with AI systems becoming embedded infrastructure for tasks ranging from research and contracting to compliance and billing. As of October, funding to legal technology startups had surpassed $2.4 billion that year.

This year, Norm Ai, an AI startup focused on the legal industry, said in July that it raised $120 million in a Series C funding round that valued the company at $1.2 billion. Norm Ai said at the time that the round brought its total financing to more than $260 million.

Anthropic said in May that it added several new tools to Claude for the legal industry and that legal professionals had become “the most engaged Claude Cowork users of any knowledge-work function.”

Legora, a legal AI firm, announced in April that it secured a $50 million extension of its previously announced Series D financing. Legora said it had recently surpassed $100 million in annual recurring revenue.