Harvey, a legal AI startup, has secured an additional $550 million in funding, propelling its valuation to $15.5 billion, as announced on Wednesday. This latest round was co-led by Diffusion and Lightspeed Venture Partners, following a $200 million funding round in March that valued the company at $11 billion. Prior to that, Harvey achieved an $8 billion valuation in December. Consequently, the company has now raised over $1.55 billion in total and nearly doubled its valuation within approximately nine months.
The fresh capital arrives shortly after Harvey introduced its first in-house model, Harvey Tenet, which was developed using the open-weight model Kimi K3 and further trained with legal data in collaboration with inference provider Fireworks. Beyond offering its proprietary model, Harvey is also encouraging its customers to adopt and fine-tune their own open-weight models. This strategic move positions Harvey as a potential exemplar of how an entire industry, such as law, can extensively utilize AI without relying on proprietary frontier AI laboratories like OpenAI and Anthropic. Source