The new funding will boost Harvey’s work in helping law firms, professional services companies and in-house legal teams build their own intelligence, the release said.
“The opportunity for companies to accelerate their competitive advantage with AI has never been higher,” Harvey Co-Founders Winston Weinberg and Gabe Pereyra said in the release. “Harvey wants to be the global partner legal teams turn to for this work, and we plan to hire and develop the best team in the space to support our clients through the next wave of AI transformation.”
The fundraise follows the debut of Harvey’s first post-trained open-weight AI model and the introduction of Harvey Legal Agent Benchmark (LAB), according to the release. The new valuation is up from the $11 billion valuation Harvey achieved when it raised $200 million in March.
Harvey also announced in July that Growth Equity at Goldman Sachs Alternatives and J.P. Morgan Growth Equity Partners completed an investment in the startup.
Meanwhile, Harvey is now the highest-valued, best-funded startup in the legal AI space, selling to major law firms as well as the legal teams in massive companies such as Microsoft, Bloomberg reported Wednesday.
However, there are obstacles facing Harvey and companies like it, the report said. For one, AI giants like Anthropic and OpenAI are beginning to compete directly in the legal tech space. And skeptics contend that law practices have no incentive to adopt AI productivity tools, as they typically charge clients on an hourly basis.
For decades, corporate legal departments were among the last to adopt new tech at scale because their work was too nuanced and high-stakes, and the profession was too cautious.
“AI agents are now reviewing contracts, monitoring regulatory changes, and handling first-pass discovery in production environments at major law firms and corporate legal departments,” PYMNTS reported Aug. 17. “The question for general counsel is no longer whether to deploy. It is how to govern what is already running.”
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