US-based firm Harvey which creates custom Large Language Models (LLMs) for elite law firms has just announced an $80 million investment gained through its Series B funding, taking the company’s total valuation to $715 million.
This investment was led by Elad Gil and Kleiner Perkins with participation from OpenAI Startup Fund and Sequoia, bringing Harvey’s total funding to $100 million.
Harvey uses OpenAI’s GPT models to create custom applications for law firms. It was founded only a year ago, but since then it has joined hands with several players in the legal technology industry including Allen & Overy, which was the first law firm to roll out Harvey’s technology to lawyers in February. It also partnered with Macfarlanes in September, one of the leading law firms in the UK. In October, Harvey and OpenAI partnered with PwC to train and deploy a foundation for tax, legal, and human resources.
For its recent $80 million investment, Harvey thanks its existing investors including Elad, Pat, Charlie, Brad, and Ian, and looks forward to working alongside the Kleiner Perkins team including Ilya, Mamoon, Everett, and others. It also thanks its customers for allowing Harvey to deploy AI to boost productivity and streamline workflows.
Even though Harvey was founded only a year ago, the startup managed to increase engagement on its platform ‘”exponentially” while its revenue figures increased tenfold since April. This allows the firm to establish a “world-class, multidisciplinary team.”
Here is what the blog post from Harvey says: “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.”
As for the future, Harvey says that it will be using its Series B will be allocated toward the expansion of custom model building, team scaling, and the development of an extensive array of product features. The ongoing year has proven to be transformative for Harvey, with a renewed focus on investing in both products and the team. The company aims to empower its customers to fully leverage the capabilities of generative AI.