Legal AI innovator Harvey has raised a $300 million Series E funding round, skyrocketing its valuation to $5 billion. The round was co-led by Kleiner Perkins and Coatue, with continued support from major investors including Sequoia, OpenAI Startup Fund, GV, DST Global, and RELX’s venture arm REV.
Founded in 2022, Harvey has quickly become a trusted AI partner for law firms and corporate legal teams, including Paul, Weiss, KKR, and PwC. With more than 340 employees and clients in 53 countries, the company plans to use the fresh capital to double its workforce, expand into new markets, and enter adjacent domains like tax and accounting.
Legal AI with Deep Domain Expertise
Harvey’s platform is built on top of OpenAI and Anthropic LLMs, enhanced by proprietary legal workflows and tailored firm-specific data. The AI is trained using confidential client documents, with a strong focus on data security and privacy. Over 10% of Harvey’s staff is dedicated to securing its systems, with regular third-party audits in place.
Harvey Surpasses Rivals to Lead Legal AI Sector
Harvey has emerged as the most highly valued company in the legal AI space, achieving a record-breaking valuation that surpasses competitors like Ironclad ($3.2B) and Clio ($3B). With a client base now spanning 337 legal organizations, Harvey’s growth reflects a broader trend of accelerated AI adoption in the legal industry estimated to be worth over $1 trillion globally.
This rapid expansion signals not only market appetite for AI solutions but also Harvey’s success in delivering enterprise-grade tools that meet the complex needs of legal professionals.
Looking Ahead
Harvey will be using the Series E funding to continue expanding the engineering and go-to-market teams, operate in adjacent verticals, such as tax, compliance, and operational legal support, and scale in critical international markets.
The company’s growth comes as part of a larger wave of accelerated adoption of AI in the legal industry as organizations seek more efficient work, adherence to compliance, and better decision making in a complex professional services landscape.
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