Harvey is raising at $15.5bn, up 40% in five months
The legal-AI startup is in talks to raise at least $500m at a $15.5bn valuation, including the new money, The Information reported. That is a 40% jump on the $11bn it set only five months ago, when it raised $200m. Lightspeed Venture Partners is keen to lead the round.
The raise follows a revenue surge. Harvey, founded four years ago, now makes more than $350m in annualised revenue, up over 80% from $190m in January. At $15.5bn, that values the company at roughly 44 times its current revenue run rate. It is a price that assumes the growth keeps coming.
Vertical AI is having a moment
Harvey is the poster child for vertical AI, software built for one profession rather than everyone. The bet is that a tool trained on contracts, filings and case law beats a general chatbot for legal work. Its numbers suggest lawyers agree,...
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