Harvey’s valuation soars to $15.5bn in latest funding round

Harvey has raised another $550 million at a $15.5 billion valuation, continuing a remarkable run of fundraising that has seen its valuation triple in little over a year.

The latest round comes just six months after the legal AI startup raised $200 million at an $11 billion valuation in March. Last summer, it raised $300 million at a $5 billion valuation.

Harvey has now raised more than $1.5 billion since launching in 2022, as investors continue to pour money into one of the legal industry's fastest-growing technology companies.

The company is growing quickly too. Co-founder Winston Weinberg said Harvey has now crossed $400 million in annual recurring revenue and serves 80 of the top 100 US law firms.

Building its own AI

The new funding comes weeks after Harvey launched its first proprietary legal AI model, part of a push to move beyond building applications on top of models developed by companies such as OpenAI and Anthropic.

Harvey's Tenet model is designed to help law firms build AI systems that draw on their own institutional knowledge.

Weinberg said Harvey would use the latest funding to invest heavily in people and the computing power needed to develop its own models.

“On people, we're hiring aggressively across product, engineering, research, and go-to-market as we expand into new verticals and build more specialized solutions for contracting, litigation, deals, and compliance,” he said.

The company also plans to spend more on training its own AI models.

“We believe the most successful application-layer companies will become full-stack AI companies, building across applications, agents, and models,” he said.