Harvey
AI legal tool to help legal practitioners.
| Date | Investors | Amount | Round |
|---|---|---|---|
| N/A | $13.3k | Seed | |
* | $5.0m | Early VC | |
* | $21.0m Valuation: $150m | Series A | |
* | $80.0m Valuation: $715m | Series B | |
* | $100m Valuation: $1.5b | Series C | |
* | $300m Valuation: $3.0b | Series D | |
* | $300m Valuation: $5.0b | Series E | |
| Total Funding | $806m | ||
| USD | 2022 | 2024 |
|---|---|---|
| Revenues | 0000 | 0000 |
| EBITDA | 0000 | 0000 |
| Profit | 0000 | 0000 |
| EV | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 |
Source: Equity research estimates, Company filings or news article
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Harvey.ai is a cutting-edge startup that specializes in building custom Large Language Models (LLMs) tailored for elite law firms. These advanced AI models are designed to address complex legal challenges across various practice areas, jurisdictions, and legal systems worldwide. The company operates in the legal technology market, which is a niche but rapidly growing sector focused on integrating advanced technologies into legal practices to enhance efficiency and accuracy.
Harvey.ai primarily serves top-tier law firms that require sophisticated tools to manage intricate legal issues. By leveraging AI, Harvey.ai helps these firms streamline their operations, reduce manual workload, and improve decision-making processes. The company's AI chatbot, introduced in partnership with Allen & Overy, exemplifies how Harvey.ai's technology can be used to achieve significant efficiencies in legal work.
The business model of Harvey.ai revolves around providing bespoke AI solutions to its clients. This involves a combination of upfront customization fees and ongoing subscription-based revenue for continuous support and updates. The company makes money by charging for the development of these custom models and through recurring fees for maintenance, improvements, and additional features.
Harvey.ai has garnered significant financial backing, raising $80 million in a Series B funding round led by prominent investors such as Elad Gil, Kleiner Perkins, OpenAI, and Sequoia. This investment brings the total funding to over $100 million, valuing the company at $715 million. The funds are being used to enhance their technology, expand their market reach, and ensure top-notch data security practices.
Security is a top priority for Harvey.ai, as evidenced by their formation of a Security Advisory Board comprising experts from major financial institutions and cloud providers. The company maintains all leading certifications for its security policies and frameworks, ensuring that client data is protected to the highest standards.
In summary, Harvey.ai is revolutionizing the legal industry by providing elite law firms with custom AI solutions that tackle complex legal challenges, thereby improving efficiency and decision-making.
Keywords: LegalTech, AI, Custom LLMs, Law Firms, Efficiency, Security, Investment, Innovation, Subscription Model, Data Protection.