Legal artificial intelligence company Harvey has confirmed that it has closed a new $160 million funding round led by Andreessen Horowitz, valuing the company at $8 billion following earlier reports that surfaced in October.
Rapid succession of funding rounds
The latest round comes only months after Harvey raised $300 million in a Series E round at a $5 billion valuation in June. That followed a $300 million Series D round led by Sequoia in February at a $3 billion valuation.
Harvey’s investor base includes EQT, WndrCo, Sequoia, Kleiner Perkins, Conviction, the venture firm founded by Sarah Guo, and investor Elad Gil.
Customer base and revenue milestone
In September, Harvey disclosed limited details about its business, sharing only growth and retention metrics rather than absolute financial figures. The company later told TechCrunch that it surpassed $100 million in annual recurring revenue in August.
Harvey said it now serves 50 of the top 100 U.S. law firms by revenue, as ranked by the AmLaw 100 list. The company also provides services to in-house corporate legal teams.
Legal work as a core use case for large language models
The legal sector relies heavily on text-based work such as research, document review, summarization, and drafting. These functions align closely with the capabilities of large language models trained on domain-specific data.
Harvey has positioned its platform around these use cases, offering tools designed to support legal research and drafting inside law firms and corporate legal departments.
Investor influence and market positioning
Some venture investors view Harvey as an example of how large capital commitments can reinforce market leadership. By backing a single company with repeated large funding rounds, investors can signal stability to enterprise customers such as law firms, which may influence long-term contract decisions.
Elad Gil, one of Harvey’s long-time investors, told TechCrunch that the company is among the AI firms showing sustained commercial growth because its technology and market position are “just working.”
Origins and early backing from OpenAI’s fund
Harvey was founded in 2022. Chief executive Winston Weinberg previously told TechCrunch that the company originated from a proof-of-concept product focused on landlord-tenant law.
Weinberg said the company’s early momentum began after sending a cold email to OpenAI chief executive Sam Altman. Harvey later became one of the first investments of the OpenAI Startup Fund.
Since then, the company has continued to attract large venture investments as it expanded its presence across major law firms.
Featured image credits: Harvey.ai
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