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Harvey on Thursday confirmed it closed a spherical of funding, led by Andreessen Horowitz, that values the authorized AI startup at $8 billion after stories of the funding leaked in October. The startup raised $160 million within the spherical.
This newest capital infusion got here simply months after it raised a $300 million in a Sequence E spherical at a $5 billion valuation in June. And that was simply months after elevating a Sequoia-led $300 million Sequence D at a $3 billion valuation in February.
Harvey’s traders embrace EQT, WndrCo, Sequoia, Kleiner Perkins, Sarah Guo’s Conviction, and Elad Gil. In September, simply earlier than elevating this newest mega spherical, Harvey launched some particulars about its enterprise. Whereas it declined to share any absolute numbers, simply percentages of development and retention (it later instructed TechCrunch that it surpassed $100 million in annual recurring income again in August), it stated that it counts 50 of the highest AmLaw 100 corporations as its clients. It additionally serves company authorized groups.
As an trade totally based mostly on phrases, it is smart that authorized features could be an ideal use case for LLMs: looking, summarizing, and drafting, all based mostly on domain-specific coaching. However Harvey can also be probably the greatest examples of how VCs are “kingmaking” today. That entails pouring huge sums of cash right into a startup to sign how strong it’s, which inspires massive enterprise clients, like regulation corporations, to signal huge contracts in a self-fulfilling prophecy.
Provided that Harvey was based in 2022, it could be far sufficient forward of rivals — each in buyer acquisition and the bolstered coaching from working with so many regulation corporations — that it’s the king of this market. At the very least, one in every of its long-time VCs, Elad Gil, thinks so.
Gil instructed TechCrunch that Harvey is without doubt one of the AI market leaders that’s experiencing bona fide development as a result of its tech and market place are “simply working.”
Harvey’s founder and CEO Winston Weinberg not too long ago instructed TechCrunch’s editor-in-chief Connie Loizos an unbelievable story of the way it initially claimed the hearts of Silicon Valley’s powerhouse VCs.
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It began with a proof of idea about landlord-tenant regulation and a chilly e mail to Sam Altman. Harvey turned one in every of OpenAI Startup Fund’s first investments. And it’s been a VC darling ever since.
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