Harvey secures $150 million led by Andreessen Horowitz, doubling its valuation to over $8 billion as legal AI investment accelerates.
San Francisco–based legal AI startup Harvey has closed a new USD $150 million funding round led by Andreessen Horowitz, pushing its valuation above USD $8 billion, according to Forbes, which first reported the news.
Harvey did not formally announce the round and declined to comment, but three sources close to the deal confirmed the raise to Forbes. The new valuation more than doubles the company’s worth from a year ago and continues its streak of rapid financing: Harvey last raised in June at a USD $5 billion valuation, just four months after a USD $3 billion round.
Founded in 2022 by former O’Melveny & Myers lawyer Winston Weinberg and ex-DeepMind researcher Gabe Pereyra, Harvey has now raised more than USD $1 billion in total. Its client list includes major law firms such as A&O Shearman and Ashurst, as well as investment giants KKR and Bridgewater.
The company’s hyper-growth has placed it firmly in the top tier of legal-AI providers. Harvey appeared on the Forbes AI 50 list and the Forbes Next Billion-Dollar Startups list in 2023, and Weinberg told CNBC in August that annual recurring revenue had surpassed USD $100 million—double what Reuters reported just six months earlier.
Still, the competitive landscape is intensifying. Harvey now faces global rivals such as Sweden’s Legora, which Forbes previously reported is raising at a USD $1.8 billion valuation, as well as established legal-tech players including Clio, Ironclad, and Luminance. Niche AI startups—EvenUp (personal injury) and Finch (paralegal workflows)—are also attracting major capital.
Industry giants are moving quickly, too. Thomson Reuters acquired Casetext for USD $650 million in 2023, while Harvey’s own trajectory deepened this year with a strategic deal with LexisNexis, owned by RELX, one of its investors.
The round marks another milestone in the breakneck consolidation of legal AI, as capital floods into platforms positioned to reshape how firms and in-house teams deliver services.