Harvey, an artificial intelligence startup for the legal sector, is targeting a valuation of US$ 15.5 billion, with annualized revenue of more than US$ 350 million, according to a report.
The value would be above the US$ 11 billion of the March funding round, when the company raised US$ 200 million. Harvey's annualized revenue has grown more than 80% since January, from US$ 190 million to more than US$ 350 million, according to the report.
Contacted, Harvey did not comment on the report. A company spokesperson declined to comment.
Recent investment
On July 28, Harvey announced that Goldman Sachs Alternatives' Growth Equity and J.P. Morgan Growth Equity Partners completed an investment in the company. CEO Winston Weinberg said at the time: "As we scale, bringing prominent investors into our next phase of growth is fundamental, and we feel fortunate to have two of the best names in the investment space as part of Harvey."
AI in the legal sector
The move comes amid the expansion of artificial intelligence in law. In October, PYMNTS reported that funding for legal tech startups had already surpassed US$ 2.4 billion this year. Norm Ai announced in July that it raised US$ 120 million in a Series C round, with a valuation of US$ 1.2 billion. Anthropic said in May that it added legal tools to Claude. Legora announced in April US$ 50 million in a funding extension, surpassing US$ 100 million in annual recurring revenue.
