Harvey raises $80M Series B at $715M valuation

Harvey, a legal-AI startup built on OpenAI’s models, raised an $80 million Series B co-led by angel investor Elad Gil and Kleiner Perkins, with the OpenAI Startup Fund and Sequoia also participating. The round valued the company at $715 million and brought its total funding to more than $100 million, roughly a year after Harvey signed its first law-firm client.

Harvey was founded in 2022 by Winston Weinberg, a former lawyer at O’Melveny & Myers, and Gabriel Pereyra, a former Meta AI researcher. The product automates document-heavy legal work — contract review, due diligence, legal research and drafting — for law firms and in-house legal teams. In its own announcement, the company said revenue had risen more than tenfold since April 2023 and that it planned to use the new funding to expand custom model-building, in continued collaboration with OpenAI on domain-specific foundation models, and to grow its team.

The round came as legal services drew some of the earliest enterprise adoption of large language models, with Harvey building a client base that reporting at the time described as including a majority of the top ten US law firms by revenue. The company’s valuation climbed sharply in subsequent funding rounds as that adoption widened from law firms into corporate legal departments.