The legal AI company Harvey is closing in on a $15.5B valuation as it works to raise at least $500M, according to The Information. The report, published Friday, prices the round at 40 percent above the $11B figure from Harvey’s March raise, which brought in $200M from Sequoia and Singapore’s GIC.
The fundraising follows a surge in revenue past $350M as big law firms adopt the software. Harvey says more than 100,000 lawyers across 1,300 organizations use its tools for research, document review, contract analysis, and due diligence. Its client list includes Latham & Watkins, A&O Shearman, O’Melveny, Comcast, and Verizon.
A deal at the proposed size would lift Harvey’s total funding beyond $1.7B and cap one of the fastest climbs in vertical AI, from a $3B valuation in early 2025 to the current figure in about 18 months. At roughly 44 times annualized revenue, the price defies traditional software multiples.
The talks underline investor conviction that huge companies can be built one layer above the models by applying AI to expensive, specialized work. Harvey’s head start with elite firms makes it the target in legal AI, even as Norm AI raises its own rounds and model makers push into the same territory.
