San Francisco-based legal tech startup, Harvey.ai, has announced its successful Series B funding round, securing $80 million. This round was co-led by Elad Gil and Kleiner Perkins, with participation from OpenAI Startup Fund and Sequoia. The latest investment significantly boosts Harvey's total funding to over $100 million, elevating the company's valuation to $715 million.
Founded in 2022 by former Meta AI researcher Gabriel Pereyra and ex-O’Melveny & Myers lawyer Winston Weinberg, Harvey.ai leverages advanced natural language processing to streamline legal workflows. The platform automates labor-intensive tasks such as contract review and document rewriting, enabling lawyers to work more efficiently.
Harvey co-founder Gabriel Pereyra, expressing gratitude to existing investors and welcoming the support from Elad, Pat, Charlie, Brad, Ian, Ilya, Mamoon, Everett, and the entire Kleiner Perkins team, Harvey's leadership emphasized the invaluable role played by its customers. The company acknowledged the trust vested by leading law firms, in-house teams, professional service providers, and private equity firms in utilizing Harvey's generative AI platform for complex tasks, enhancing productivity, and streamlining workflows.
During the past year, Harvey has carved a niche as a secure and reliable generative AI platform, witnessing a substantial increase in engagement. Its revenue has grown exponentially, surging over tenfold since April, alongside assembling a world-class, multidisciplinary team.
In a notable collaboration with OpenAI, Harvey has focused on developing domain-specific foundation models tailored to address clients' intricate needs in professional services, pushing the boundaries of applied AI in the industry. Looking forward, the Series B investment will be channeled towards expanding custom model development, scaling the team, and enriching the suite of product features.
Reflecting on the transformative year, Harvey's leadership expressed enthusiasm about investing in product innovation and team growth, aiming to empower customers to fully leverage the capabilities of generative AI.
The Series B funding marks a significant milestone for Harvey, reinforcing its commitment to advancing generative AI solutions and fortifying its position in the professional services landscape.