Harvey secures $11 billion valuation as Sequoia triples down on legal AI with $200 million raise

Harvey confirms $11B valuation: Sequoia triples down | TechCrunch

One of the blockbuster hits of the AI age is, without a doubt, legal tech startup Harvey. On Wednesday, the company confirmed that it had closed a new raise at an $11 billion valuation, after reports circulated last month that it was working on another monster round. The company confirmed it inhaled $200 million from this round, co-led by returning investors Singapore's GIC and Sequoia. Existing investors Andreessen Horowitz, Coatue, Conviction Partners, Elad Gil, Evantic, and Kleiner Perkins also participated. With this new funding, the company has raised more than $1 billion in total, and its valuation jumped over 3.5x in a year. Harvey was valued at $8 billion from a round announced in December, led by Andreessen Horowitz. Before that, it was valued at $5 billion from a round led by Kleiner Perkins and Coatue, announced in June, and was at $3 billion from a Sequoia-led raise announced in February 2025. Sequoia has now co-led three of its rounds since its Series A, a move even Sequoia partner Pat Grady acknowledged was an unusually large show of faith for the VC firm, Grady said in the press release. A few months ago, founder and CEO Winston Weinberg described to TechCrunch EIC what a wild ride it's been.

Legal software firm Harvey valued at $11 billion in latest funding round

March 25 (Reuters) - Legal software firm Harvey has raised $200 million at an $11 billion valuation and will use some of the funds to expand its artificial intelligence agent as investor appetite for AI tools accelerates. AI agents, which plan, decide and act autonomously, have become venture capital's most sought-after bet as professional services companies focus on streamlining offerings and improving efficiency. Harvey's latest round, which brings its total funding to ⁠more than $1 billion, was co-led by returning investors GIC and Sequoia, with participation from existing backers including Andreessen Horowitz and Coatue, among others, the company said on Wednesday. San Francisco-based Harvey develops legal AI tools for law firms and corporate legal departments, helping automate complex legal workflows such as contract analysis, due diligence, compliance and litigation. The fresh capital will be used to expand its AI ⁠agent and grow its legal engineering teams, the company said. "AI isn't just assisting lawyers. It's becoming the system through which legal work gets done," said Winston Weinberg, CEO and co-founder of Harvey. "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." The legal AI market ⁠is in the midst of a funding frenzy, with rivals Clio raising $500 million and Eve raising $103 million last year. In December, Harvey had ⁠raised $160 million at an $8 billion valuation in a Series F round led by Andreessen Horowitz. Reporting by Pragyan Kalita and Prakhar Srivastava in Bengaluru; Editing by Sahal Muhammed and Jonathan Ananda Our Standards: The Thomson Reuters Trust Principles., opens new tab

Legal AI startup Harvey valued at $11 billion in funding round, as VCs spread bets beyond model companies

With OpenAI and Anthropic soaring to a combined valuation of more than $1 trillion, some in the artificial intelligence industry fear that the two big model companies are sucking up so much of the value that there won't be much left for other startups. Harvey would like a word. On Wednesday, the legal AI company announced it's raised $200 million in fresh capital at a valuation of $11 billion. The company is among a growing crop of startups focused on deploying the latest AI technology in specialized and complex markets. Founded in 2022, Harvey offers AI tools for legal and professional services that can streamline contract analysis, compliance, due diligence and litigation. The company's products are used by more than 100,000 lawyers across 1,300 organizations, according to a release. Singapore's GIC and Sequoia led the financing, which closed just months after Harvey raised funds at an $8 billion valuation in December. Sequoia has now led three of Harvey's funding rounds, "the ultimate sign of conviction," according to Pat Grady, a partner at the venture firm. "They sort of wrote the playbook for what it means to be an AI-native application company, which is the same thing Salesforce did back in the day with the cloud transition," Grady told CNBC in an interview. Grady said that because model capabilities are improving so quickly, trying to apply them in real-world situations is a bigger undertaking than it has been for software companies in the past. There's a lot of craft, taste and judgment that goes into determining how to use AI to achieve a particular job, he said. Harvey CEO Winston Weinberg is a former lawyer who co-founded the startup with Gabe Pereyra, a former research scientist at Google DeepMind and Meta. The pair launched the company after experimenting with OpenAI's GPT-3 model, which came out before ChatGPT. Clients include global law firms and large enterprises like NBCUniversal and HSBC. The company hit $190 million in annual recurring revenue in January, up from the $100 million figure it announced in August. It also earned a spot on CNBC's 2025 Disruptor 50 list. Harvey becomes the latest AI startup to cross the $10 billion valuation mark. In addition to OpenAI and Anthropic, that list includes Perplexity and Bret Taylor's Sierra, among others. Weinberg said Harvey doesn't pay much attention to those milestones. "I think any company right now, the worst mistake you can possibly do is become complacent, because how you build a company is completely changing," Weinberg said in an interview. "The companies that succeed are going to be the ones that are relentlessly adapting." Weinberg said Harvey will use the fresh capital to expand its AI agents, which are tools that can independently complete tasks on a user's behalf. The company will also grow its embedded legal engineering teams around the world.

Legal AI startup Harvey raises $200 million at $11 billion valuation - The Economic Times

Legal software company Harvey has secured $200 million in funding, valuing the firm at $11 billion. This investment will fuel the expansion of its artificial intelligence agent. Harvey develops AI tools for law firms and corporate legal departments, automating complex legal tasks. The company's CEO highlights AI's growing role in legal work.Legal software firm Harvey has raised $200 million at an $11 billion valuation and will use some of the funds to expand its artificial intelligence agent as investor appetite for AI tools accelerates. AI agents, which plan, decide and act autonomously, have become venture capital's ⁠most sought-after ⁠bet as professional services companies focus on streamlining offerings and improving efficiency. Harvey's latest round, which brings its total funding to more than $1 billion, was co-led by returning investors GIC and Sequoia, with participation from existing backers including Andreessen Horowitz and Coatue, among others, the company ⁠said on Wednesday. San Francisco-based Harvey develops legal AI tools for law firms and corporate legal departments, helping automate ⁠complex legal workflows such as contract analysis, due diligence, compliance and litigation. The fresh capital will be used to expand its AI agent and grow its legal engineering teams, the company said. "AI isn't just assisting lawyers. It's becoming the system through which legal work gets done," said Winston Weinberg, CEO and co-founder of Harvey. "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." The legal AI market is in the midst of a funding frenzy, with rivals Clio raising $500 million and Eve raising $103 million last year. In December, Harvey had raised $160 million at an $8 billion valuation in a Series F round led by Andreessen Horowitz.