Harvey has raised $200 million in new funding for legal infrastructure for its law firm and in-house team.
The round brings Harvey’s total funding to more than $1 billion and values the company at $11 billion, it said in a press release on Wednesday (March 25).
Harvey’s artificial intelligence (AI)-powered products streamline contract analysis, due diligence, compliance and litigation workflows, according to the release.
There are more than 25,000 custom agents running on the platform, and Harvey’s legal engineers are working with customers to build and improve the agents, according to the release.
Harvey’s products are used by more than 1,300 customers in 60 countries, including most of the Am Law 100, according to the release.
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According to the release, Harvey plans to use the new funding to expand the AI agents its customers run on its platform and expand the embedded legal engineering team that supports them globally.
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“AI isn’t just about assisting lawyers; it’s becoming the system for getting legal work done,” Harvey CEO and co-founder Winston Weinberg said in a release. “Law firms and in-house teams are building agents to execute complex workflows so lawyers can focus on decisions, strategy, and results.”
Sequoia partner Pat Grady, who co-led the funding round with GIC, said in a release: “With more than 100,000 lawyers around the world doing some of the most important work on Harvey, we believe Harvey will be one of the most important companies of the next decade.”
“Harvey’s rapid adoption into major law firms and Fortune 500 legal departments highlights this shift,” GIC said in a LinkedIn post on Wednesday. [to automating rote legal work]. We are excited to support the company’s continued expansion as it expands its global operations. ”
Harvey’s latest funding round follows a Series F in December in which the company raised $160 million at a valuation of $8 billion. Prior to that, the company closed its Series E in June, raising $300 million at a valuation of $5 billion.
PYMNTS reported in October that AI systems are becoming embedded infrastructure in law firms and internal operations, and investors are paying attention. At this point, funding for legal technology startups was expected to exceed $2.4 billion in 2025.
