IBL News | New York
Harvey.ai, an AI platform for law firms, closed a $150 million funding round last month, valuing the company at $8 billion, double its valuation from the previous year. Andreessen Horowitz led the round.
Harvey is backed by the investment arm of RELX, a $85 billion publishing group with a market cap, which owns the legal database LexisNexis. Harvey signed a deal with LexisNexis in June.
The San Francisco-based three-year-old startup has raised more than $1 billion, including the new round, outstripping its rivals in valuation and fundraising.
Annually, it generates more than $100 million in recurring revenue, or ARR.
Harvey was founded in 2022 by Weinberg, then a junior lawyer with O’Melveny & Myers, and his friend and former DeepMind researcher Gabe Pereyra.
The legal AI tools market is crowded:
• Harvey is head-to-head with the Swedish startup Legora, which has a $1.8 billion valuation.
• Other tech startups are Luminace, Clio, and Ironclad.
• Chasing legal niches is EvenUp’s tool for personal injury lawyers, and Finch for paralegals.
• Thomson Reuters, which owns case law database Westlaw, last year snapped up Casetext, another Harvey rival, in a $650 million deal.