Legal AI startup Harvey in talks to raise $500 million at $15.5 billion valuation after revenue surge - Tech Startups

Harvey, founded in 2022 by former O’Melveny & Myers litigator Winston Weinberg and ex‑Google DeepMind researcher Gabe Pereyra, has grown from a $3 billion valuation in February 2025 to $15.5 billion after a series of funding rounds led by Sequoia, Andreessen Horowitz, GIC, and others. The company now reports over $350 million in annualized revenue, with $300 million of that as recurring ARR, a jump from roughly $190 million at the end of 2025. The proposed $500 million raise, potentially led by Lightspeed Venture Partners, would bring total funding above $1.7 billion and further cement Harvey’s position as a leading legal‑AI platform used by more than 100,000 lawyers across 1,300 firms, including Latham & Watkins and Comcast. While competitors such as Clio, Relativity, and Sweden’s Legora are expanding their AI capabilities, Harvey’s early adoption by major law firms and its focus on multi‑step legal workflows give it a competitive edge. At a valuation of about 44 times revenue, the deal reflects investors’ confidence that AI can transform expensive, specialized legal work into scalable, recurring revenue.

(Source：TechStartups.com)