Generative AI Legal and Professional Services Startup Harvey Raises $80M
Generative AI for professional services Harvey has raised $80 million in a Series B funding round led by Kleiner Perkins and Elad Gil. Harvey launched in 2021 with custom generative AI models for the legal profession but has since expanded into areas like accounting and management consulting.
Professional AI Assistance
Harvey’s founders include Meta AI and Google DeepMind alumnus Gabriel Pereyra, along with former O’Melveny & Myers litigator Winston Weinberg. They pitch Havey’s fine-tuned AI models as a way to streamline professional workflows in the legal space and other data-intensive industries. The idea is to create a tool that can answer questions and complete tasks for those producing and editing legal documents or other work where precision is crucial. The initial cohort of lawyers using Harvey could get answers about legal distinctions, check the legality of contract clauses, and even rewrite them to comply. The same principle applies to the other professionals using Harvey to handle much of the research and some of the more tedious writing tasks.
“Over the past year, Harvey has established itself as a secure generative AI platform for sophisticated professional services and has earned the trust of leading law firms, in-house teams, professional service providers and private equity firms. Engagement on the platform has increased exponentially, revenue has risen more than tenfold since April and we have assembled a world-class, multidisciplinary team,” Pereyra and Weinberg wrote in a blog post. “In collaboration with OpenAI, we have developed domain-specific foundation models to address the most complex needs of our clients and advance the frontier of applied AI for professional services.”
The company plans to continue scaling its operations with the new money and to produce more specialized AI models for clients leveraging OpenAI’s generative AI capabilities. The new capital brings Harvey’s valuation to $715 million, including Sequoia Capital and OpenAI’s Startup Fund. OpenAI’s fund also led Harvey’s early $5 million funding round last November. Though Harvey has branched out, interest in legal services fueled by generative AI has motivated the birth of several others in the space. Legal tech startup Lexion offers AI-powered contract and business management services and raised $45 million earlier this year, while Spellbook raised $10.9 million and renamed the whole company after the Spellbook generative AI legal tool it created and retooled its strategy around the technology.