Harvey raises $200M at $11B valuation

Harvey, the legal-AI startup founded by Winston Weinberg and Gabe Pereyra, a former DeepMind and Meta researcher, raised $200 million in a growth round co-led by the sovereign wealth fund GIC and venture firm Sequoia, which valued the company at $11 billion. The round closed roughly three months after Harvey had raised at an $8 billion valuation in December, and marked Sequoia’s third investment in the company — what a Sequoia partner called, in the company’s announcement, its clearest sign of conviction in a portfolio company. Other participants included Andreessen Horowitz, Coatue, Conviction Partners and Kleiner Perkins.

Harvey builds AI agents for legal work — document management, legal research, contract analysis and litigation support — aimed at large law firms and corporate legal departments, with customers including Ashurst, Baker Donelson and GSK Stockmann. The company said more than 25,000 custom agents were running on its platform at the time of the raise, up from far fewer a year earlier, and framed the round as funding for expanding those agents and its embedded “legal engineering” teams.

The valuation jump — nearly 40% in three months — was one of several signs, alongside comparable rounds for rival legal-AI startup Legora, that investors were pricing in rapid revenue growth at application-layer AI companies distinct from the frontier labs themselves, betting that vertical products built on top of general-purpose models, rather than the models alone, would capture a large share of enterprise AI spending.