Harvey co-founders Winston Weinberg and Gabe Pereyra;
Courtesy of Harvey
The combined valuations of OpenAI and Anthropic have soared to more than $1 trillion, and some in the artificial intelligence industry worry that the two big model companies will suck up much of the value, leaving little for other startups.
Harvey please say something. On Wednesday, the legal AI company announced it had raised $200 million in new funding at a valuation of $11 billion. The company is one of the growing startups focused on bringing the latest AI technologies to specialized and complex markets.
Founded in 2022, Harvey provides AI tools for legal and professional services that can streamline contract analysis, compliance, due diligence, and litigation. The company’s products are used by more than 100,000 attorneys in 1,300 organizations, according to the release.
Singapore’s GIC and Sequoia led the funding, which closed just months after Harvey raised funding at an $8 billion valuation in December. Sequoia is currently leading three of Harvey’s funding rounds, which Pat Grady, a partner in the venture, said was “the ultimate sign of conviction.”
“They kind of wrote a playbook for what it means to be an AI-native applications company, and it’s the same thing.” sales force It goes back to the days of cloud migration,” Grady said in an interview with CNBC.
Grady said the rapidly improving capabilities of models make trying to apply them to real-world situations a bigger task than ever for software companies. Deciding how to use AI to accomplish a particular job requires a lot of skill, flair and judgment, he said.
Harvey CEO Winston Weinberg is a former lawyer and co-founded the startup with Gabe Pereyra, a former Google DeepMind researcher. meta. The two started the company after experimenting with OpenAI’s GPT-3 model, which predated ChatGPT.
Clients include global law firms and large corporations such as NBCUniversal. HSBC. The company’s annual recurring revenue reached $190 million in January, surpassing the $100 million figure it announced in August. It was also named to CNBC’s 2025 Disruptor 50 list.
Harvey becomes the latest AI startup to surpass a $10 billion valuation. That list includes OpenAI and Anthropic, as well as Perplexity and Bret Taylor’s Sierra. Weinberg said Harvey doesn’t pay much attention to those milestones.
“I think the worst mistake any company can make right now is to become complacent, because the way companies are built is completely changing,” Weinberg said in an interview. “Successful companies will be those that continually adapt.”
Weinberg said Harvey plans to use the new funding to expand its AI agents, tools that can independently complete tasks on behalf of users. The company also plans to expand its embedded legal engineering team around the world.
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