Harvey, an AI-powered legal technology startup, has secured $100m in a Series C funding round led by Google‘s corporate venture arm GV.
The investment round was also joined by OpenAI, Sequoia Capital, Kleiner Perkins, Elad Gil, and SV Angel.
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The recent capital infusion has increased Harvey’s total raised funding to $206m, thereby setting its valuation at around $1.5bn.
Harvey intends to use the funds to enhance its AI-powered technology, which serves as a “copilot” for lawyers across various business functions and geographies.
The startup company focuses on tackling its clients’ challenges by enhancing its platform for greater transparency, security, and customisation.
Harvey also said that the new capital will also be directed towards investing in engineering, data, and domain expertise.
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By GlobalDataOver the coming year, Harvey plans to amass and curate data essential for building and training domain-specific models.
The company also plans to expand its team, both in terms of headcount and geographic locations, to better serve its global clientele.
It also intends to strengthen its partnerships with cloud and model providers.
This will allow the integration of additional models into Harvey’s system and broaden training partnerships to enhance model’s effectiveness.
The company is also focusing on developing a suite of products and integrations that can more effectively deliver models for client workflows.
Harvey, which is celebrating its two-year anniversary, is already being used daily by tens of thousands of lawyers from law firms, enterprises, professional service providers, and governments worldwide.
Leveraging OpenAI’s GPT-4 model family, Harvey is capable of answering legal questions in natural language.
The technology also includes tools for automatic extraction of information from trial transcripts, locating supportive legal documents for court arguments, and generating initial drafts of filings with relevant information and citations obtained from legal databases.
“Since our last fundraise in December, we’ve tripled annual recurring revenue (ARR) and doubled employee headcount. We’ve been encouraged by the diversity of professional service providers who have found value in our platform and the breadth of problems that our clients are solving using Harvey,” Harvey said in a blog post.
