U.S. legal AI vendor Harvey attracted $200 million in investment as AI technology floods the legal sector.
The latest funding round, revealed on March 25, was led by two returning investors, Singaporean sovereign wealth fund GIC and California-based venture capital firm Sequoia. Other existing investors that participated were Andreessen Horowitz, Coatue and Evantic.
The new round, which brought Harvey to an $11 billion market valuation, follows a previous $160 million fundraise in December, when the company was valued at $8 billion.
Harvey has emerged as one of the leading players in the burgeoning legal AI sector, where agentic tools are increasingly being used to perform increasingly complex tasks.
The vendor said more than 25,000 custom agents run on its platform, and are capable of handling mergers and acquisitions, due diligence, contract drafting and document reviews.
Within the platform, Harvey has also developed a security-focused area called Shared Spaces, where businesses’ legal teams can coordinate work with external partners.
“AI isn’t just assisting lawyers. It’s becoming the system through which legal work gets done. The law firms and in-house teams leading the way are building agents that execute complex workflows so lawyers can focus on judgment, strategy, and outcomes,” Harvey CEO Winston Weinberg said in a blog post, referring to the extent to which AI is transforming the industry.
The scale of the impact is underscored by Harvey’s dramatic rate of growth. Since its founding in 2022, it has already raised more than $1 billion and claims that more than 100,000 lawyers across 1,300 organizations in 60 countries use the platform, including those from global law firms and Fortune 500 enterprises.
Harvey said the latest investment will be used to expand the agents being used by clients, as well as grow the engineering teams that are embedded with customers.
As the AI rollout continues apace, the legal profession has become one of the most interesting and potentially lucrative battlegrounds, with Harvey’s Swedish rival Legora raising $550 million in Series D funding earlier this month, bringing the company’s valuation to $5.5 billion.
Canada’s Clio, meanwhile, closed a $500 million Series G round in November, valuing the company at $5 billion.
