Legal AI Startup Harvey Raises $200 Million at $11 Billion Valuation

Harvey, a startup building artificial intelligence tools for law firms, has raised $200 million in a new funding round. As a result, the company is now valued at $11 billion.

The round was co-led by existing investors GIC and Sequoia. Notably, this marks a valuation increase from $8 billion in December.

Focus on expanding AI agents and legal teams

The company said it will use the fresh capital to expand its AI agents. In addition, it plans to grow its legal engineering teams that work closely with clients.

According to Harvey, these teams are embedded within customer operations. Therefore, they help tailor AI tools to specific legal workflows.

Legal AI tools gain traction across firms

Legal AI startups have seen increased activity in recent months. This growth is driven by tools powered by large language models.

These tools aim to reduce time spent on routine legal tasks. For instance, they can summarize large documents, flag risks in due diligence, and assist in drafting.

Earlier this month, Swedish legal startup Legora raised $550 million. The funding valued the company at $5.55 billion and supported its expansion into the US market.

Shift toward AI-driven legal workflows

Harvey said legal work is undergoing a structural shift. More complex tasks are now being handled by AI agents.

The company currently operates more than 25,000 custom AI agents. These agents support work across mergers and acquisitions, due diligence, contract drafting, and document review.

Its client base includes NBCUniversal, HSBC, and DLA Piper International.

Total funding crosses $1 billion

With this round, Harvey’s total funding has exceeded $1 billion. Existing investors, including Andreessen Horowitz, Coatue, Conviction Partners, Elad Gil, Evantic, and Kleiner Perkins, also participated in the round.