Harvey reportedly in talks to raise at $11B valuation

Harvey, a startup that offers a Large Language Model (LLM)—a type of artificial intelligence trained on massive datasets to process and generate human-like text—specifically tailored for law firms, is reportedly in talks to raise another $200 million. According to sources, the potential funding round would value the company at $11 billion and would be led by the venture capital firm Sequoia—which previously led Harvey’s Series D round—and Singapore’s sovereign wealth fund, GIC. If the transaction closes, Harvey’s valuation would jump by $3 billion in a matter of months. The company declined to comment on the potential new raise.

The potential transaction follows a series of valuation increases over the past year, during which the company has repeatedly secured capital from venture firms. If finalized, the new round would mark a significant climb from the company’s previous valuations:

• December: The company confirmed it had raised $160 million at an $8 billion valuation in a funding round led by Andreessen Horowitz.
• Back in June: Harvey announced a $300 million Series E—the fifth round of venture capital financing—at a $5 billion valuation, led by Kleiner Perkins and Coatue.
• February 2025: The startup raised a $300 million Series D—the fourth round of venture capital financing—at a $3 billion valuation, in a round led by Sequoia.

This valuation trajectory is supported by the company’s financial performance and revenue growth. Founder CEO Winston Weinberg shared on LinkedIn that Harvey reached an annual recurring revenue (ARR)—a metric representing the projected yearly revenue from active subscriptions—rate of $190 million by the end of 2025. This figure represents an increase from the $100 million ARR the company recorded in August, nearly doubling its contracted revenue in less than six months. Weinberg recently spoke with TechCrunch editor-in-chief Connie Loizos regarding how the company originally gained traction among Silicon Valley venture capital firms, highlighting the startup’s rapid growth in the legal AI sector.

Why it matters

Harvey’s rapid valuation jump—from $3 billion to $11 billion in just one year—underscores the intense investor appetite for specialized legal AI applications, even as the broader market matures.