Harvey: Go-to AI-Powered Legal Assistant

Summary

Harvey, founded in 2022, is redefining the legal landscape with its generative AI solutions tailored specifically for legal and tax workflows. In an industry fraught with burnout and talent shortages, Harvey offers a compelling alternative, streamlining document management, accelerating legal analysis, and delivering expert-level output with unmatched efficiency. Its rapid adoption by top law firms and global enterprises speaks to its transformative potential, while partnerships with Microsoft, Icertis, and Mistral AI amplify its technological edge. Backed by marquee investors like GV, Sequoia, and the OpenAI Startup Fund, among others, and backed by veterans from the world’s top law firms and tech giants, Harvey stands at the forefront of the booming legal AI market, well-positioned to lead the ongoing innovations in legal workflows. Harvey was last valued at $5B. According to our in-house analysis, its revenue for 2025 is estimated at $225M - $238.5M, with a trajectory toward $668M - $761.4M by 2030.

Methodology

Our views on Harvey are derived from our rigorous research process, involving proprietary channel checks with users, competitors, and industry experts, and synthesizing publicly available information from the company and other reliable sources.

Key Points

Domain-Specific AI Delivers Competitive Advantage: Harvey’s domain-specific AI outperforms leading foundation models in tasks under the legal domain, achieving 74% of expert lawyer-quality output. The results are more detailed, nuanced, and closer to the quality expected from professional lawyers. By decreasing lawyers' workload and boosting efficiency, Harvey enables law firms to remain competitive. Its capability of performing complicated legal operations with little supervision not only minimizes operational pressure but also lets professionals concentrate on higher-value strategic work, enhancing service delivery overall.

Proven Product-Market Fit: Various clients, such as Repsol, Bridgewater, Macfarlanes, The Adecco Group, A&O Shearman, and Deutsche Telekom, among others, have adopted Harvey to streamline operations and address complex workflow challenges, demonstrating strong market validation. Clients consistently report that Harvey’s platform performs exceptionally well across a broad range of legal functions. Its flexibility allows entire law firms to adopt it on a scale, while its tailored capabilities often surpass those of other well-known generative AI tools.

Lowering the Workload of Lawyers – A Pressing Issue in the Industry: Lawyers scored 2.9 on a 6-point stress scale, making them the second most stressed professionals in the US – ABA Journal. 40% of the US counties have fewer than one lawyer per 1,000 residents, per the American Bar Association. By saving time and reducing workload, Harvey helps lower stress and prevent burnout among lawyers. It also helps law firms and legal teams work more efficiently, even in areas where there aren’t many lawyers. This leads to better access to legal services for more people, especially in underserved regions.

Strategic Partnerships Provide Competitive Edge: In August 2024, Harvey partnered with Icertis, an AI-powered contract intelligence company.  In May 2024, Harvey partnered with Mistral AI. The strategic move was made to integrate Mistral’s open-source foundational models into Harvey’s offerings. In March 2024, it secured a presence on Microsoft Azure Marketplace, significantly widening its visibility.

Key Concerns: Regulatory Headwinds and Dependence on Third-Party Foundational Model: Concerns around data privacy, AI bias, and the ethical implications of AI-generated content in legal proceedings pose significant challenges to revenue growth. Additionally, changes in access terms or pricing by OpenAI could disrupt Harvey's operations. The company initially built its legal AI platform on OpenAI’s GPT-4 models and remains a major customer. It has committed $150M over two years to Microsoft Azure, OpenAI’s cloud partner, underscoring its significant reliance on OpenAI's infrastructure.

Industry Overview: The legal industry is undergoing a profound transformation, shifting from static, document-centric workflows to agile, AI-driven systems. With increasing regulatory complexity and growing pressure on legal departments to deliver more with fewer resources, generative AI has evolved from a novelty to a necessity. The global legal AI market was valued at $1.5B in 2024 and is projected to reach $3.9B by 2030, at a CAGR of 17.3% between 2025 and 2030, per Grand View Research.

Valuation: The latest funding round ($300M Series E) valued the company at $5B, a 67% markup from its valuation of $3B post-Series D in February 2025. Manhattan Venture Research (MVR) projects its 2025 revenue between $225M and $238.5M, with a trajectory toward $668M - $761.4M by 2030.

Executive Summary

Founded in 2022, Harvey delivers the most diverse generative AI-powered solutions tailored specifically for legal and tax workflows. Producing 74% expert-lawyer quality output, it outperforms general-purpose large language models and competitors, streamlining legal document management by drafting, analyzing, and answering queries with natural language—each response featuring precise inline citations. This best-of-breed AI offering has driven rapid adoption in a legal sector grappling with severe labor challenges: lawyers rank among the most stressed US professionals with a 2.7/6 stress score, while 40% of the US counties have fewer than one lawyer per 1,000 people.

Harvey’s proven impact is validated by marquee clients such as Repsol, Bridgewater, and Macfarlanes, among others. Its technological edge is further strengthened through partnerships with Microsoft Azure, Icertis, and Mistral AI. Backed by elite legal talent from Latham & Watkins, Paul, Weiss, Skadden, and top technologists from Microsoft, Meta, Google, Amazon, Tesla, and DeepMind, Harvey commands significant market credibility. Supported by marquee investors including Google Ventures, Kleiner Perkins, OpenAI Startup Fund, and Sequoia Capital, among others, its latest funding round delivered a 67% valuation uplift, reflecting strong investor confidence. Currently valued at $5 billion, Harvey has a potential path to $52-$72 billion by 2030, according to MVR estimates.

Why Now?

Harvey demonstrates a strong product-market fit, positioning it to achieve revenues of $668 million to $761.4 million by 2030, according to MVR analysis. Unlike competitors, Harvey has broadened its scope across a wide range of legal workflows. In September 2025, the Singapore judiciary adopted Harvey to provide solutions for pending cases in Small Claims Tribunals, underscoring its utility in legal workflows across the globe. Initially focused on legal research and document review, it has expanded into contract analysis and redlining, case summarization, multi-language support, regulatory compliance, and in-house counsel use cases. In September 2024, Harvey co-developed a custom tax model with PwC. The Tax AI Assistant integrates curated tax datasets with Harvey’s AI capabilities and is fine-tuned using feedback from PwC’s tax professionals.

Company Overview

Harvey delivers AI-powered legal solutions, trusted by leading global law firms and corporate legal teams to accelerate workflows across legal research, drafting, and review. Harvey is used by 8 of the top 10 US law firms and hundreds of in-house legal departments as their preferred AI assistant for legal work. With millions of legal documents processed and analyzed across sectors, Harvey is purpose-built for legal professionals seeking smarter, faster, and more secure legal operations.

Competitive Benchmarking

Harvey is among the most highly rated and highly valued legal AI solutions providers among its peers.

Harvey – Strong Competitive Position

Harvey operates in the rapidly growing AI-powered legal and tax solutions market, where legacy software is expected to be replaced by advanced AI systems. This creates significant opportunities for multiple startups to thrive, keeping competitive rivalry relatively low and allowing ample room for Harvey to scale.

Although the rise of open-source foundational models and increased VC funding have lowered entry barriers, Harvey maintains a strong competitive edge. It stands out as one of the most well-funded and highly rated players in its niche, with a proven track record of client impact and a granular portfolio focused on legal workflows. As a result, the threat of new entrants remains moderate, even in an expanding market.

Harvey offers the most granular legal AI solutions in the market and benefits from strong network effects driven by customer success. These advantages make it a preferred choice for users. However, the presence of various alternative solutions moderates its pricing power, resulting in a balanced bargaining position for customers.

In terms of substitutes, Harvey faces minimal threat. As a best-of-breed provider in the legal and tax AI space, there are currently no direct alternatives offering similar capabilities. With AI solutions expected to replace outdated legal tools, the threat of substitution remains low.

On the supply side, risks such as Trump-era tariffs could increase GPU costs and constrain availability, while training data is also becoming more expensive. However, the growing availability of GPU-as-a-Service significantly lowers infrastructure costs. Combined with low switching costs and minimal threat of forward integration, supplier bargaining power remains moderate.

Key Positives

Domain-Specific AI Delivers Competitive Advantage

Harvey's task-specific AI offers a strong competitive advantage in the legal market by beating general AI models in depth and accuracy. In contrast to wide foundation models, Harvey is optimized for legal work, allowing it to create more relevant, detailed, and expert-level content. Specialization improves productivity and dependability for legal workers.

The new BigLaw Bench, a framework for quantitatively evaluating the performance of LLMs on real-world legal tasks, reveals Harvey's dominance, where its legal model produces 74% expert-lawyer quality output. It outperforms top general-purpose LLMs on several tasks, such as legal research, contract analysis, and litigation drafting. The domain specificity enables Harvey to produce responses that better meet professional and client expectations.

By decreasing lawyers' workload and boosting efficiency, Harvey enables law firms to remain competitive. Its capability of performing complicated legal operations with little supervision not only minimizes operational pressure but also lets professionals concentrate on higher-value strategic work, enhancing service delivery overall.

Lowering the Workload of Lawyers – A Pressing Issue in the Industry

Harvey is transforming the legal sector by directly addressing one of its most pressing challenges: excessive workload and limited access to legal services. With lawyers ranking among the most stressed professionals in the US—scoring 2.7 on a 6-point stress scale according to ABA Journal—the profession faces mounting pressure from long hours, high-stakes responsibilities, and the constant demand for precision. This burden is further amplified by a significant shortage of legal professionals across the country. Additionally, many areas in the US lack sufficient numbers of lawyers. A 2020 report by the American Bar Association revealed that 40% of the US counties have fewer than one lawyer per 1,000 people. This makes it hard for people in those areas to get legal help, and it puts more pressure on the few available lawyers.

Harvey uses powerful legal-specific AI to make lawyers’ work easier and faster. It can read and write legal documents, analyze contracts, and summarize case laws in a matter of seconds. This means lawyers spend less time on repetitive, time-consuming tasks and more time helping clients and focusing on important legal thinking.

By saving time and reducing workload, Harvey helps lower stress and prevent burnout among lawyers. It also helps law firms and legal teams work more efficiently, even in areas where there aren’t many lawyers. This leads to better access to legal services for more people, especially in underserved regions.

Proven Product-Market Fit

Various clients, such as Repsol, Bridgewater, Macfarlanes, The Adecco Group, A&O Shearman, and Deutsche Telekom, among others, have adopted Harvey to streamline operations and address complex workflow challenges, demonstrating strong market validation.

Harvey commands a strong position in the generative legal AI market and is widely regarded as one of the leading players in this space. Clients consistently report that the platform performs exceptionally well across a broad range of legal functions. Its flexibility allows entire law firms to adopt it on a scale, while its tailored capabilities often surpass those of other well-known generative AI tools.

Harvey excels at document analysis and provides high-quality baseline drafts that serve as effective starting points for attorneys. It automates repetitive and low-skill tasks, generating detailed questions and deliverables with minimal input. Additionally, Harvey addresses cross-border collaboration challenges by translating documents to support global teams and international clients.

The platform delivers clear value by freeing up attorneys’ time for higher-value work, enabling more critical thinking, increasing operational efficiency, and allowing firms to handle a greater volume of cases. Its strong performance has earned its credibility with major international firms, making it the go-to solution for organizations exploring legal AI.

Strategic Partnerships Provide Competitive Edge

Partnership with Icertis: In August 2024, Harvey partnered with Icertis, an AI-powered contract intelligence company. Icertis, an enterprise leader in AI-powered Contract Lifecycle Management (CLM), brings its domain-specific legal models directly into third-party enterprise systems. Icertis manages contracts for one-third of the Fortune 100, including Microsoft, JP Morgan Chase, Johnson & Johnson, and Mercedes-Benz—making this a high-leverage distribution channel.

This expanded Harvey’s penetration beyond law firms and into enterprise legal teams via embedded deployment. It is also a step toward becoming the default legal intelligence layer across enterprise systems. Early access was granted to select Icertis customers. This is a clear signal that legal AI is moving from experimentation to embedded, enterprise-grade deployment.

Partnership with Mistral AI: In May 2024, Harvey partnered with Mistral AI. The strategic move was made to integrate Mistral’s open-source foundational models into Harvey’s offerings. Mistral has quickly emerged as one of the few serious challengers to incumbents like OpenAI and Anthropic, with a strong focus on performance, transparency, and model efficiency.

This partnership gives Harvey greater control over model performance, deployment, and customization—critical for enterprise and legal customers operating in highly regulated environments. It also marks a strategic move to reduce dependency on OpenAI’s foundational models and diversify model infrastructure.

Mistral’s open-weight approach, enabling enterprises to fine-tune models for specific use cases while maintaining lower operational costs and faster deployment cycles, aligns with Harvey’s need for transparency and portability. Closed foundation models could face pressure in regulated markets, and long-term defensibility will depend on flexibility and model optionality. This partnership positions Harvey to stay ahead of that curve.

Partnership with Microsoft Azure Marketplace: In March 2024, secured presence on Microsoft Azure Marketplace, significantly widening its visibility. Azure Marketplace enabled direct purchase and deployment of Harvey by enterprise customers. This move positioned Harvey to scale its legal and professional services AI platform globally, leveraging Microsoft’s cloud infrastructure and go-to-market engine.

Azure gave Harvey the scalability, security, and integration capabilities required to support large law firms, in-house legal teams, and professional services firms operating in highly regulated environments. The collaboration also simplified procurement—customers can now purchase Harvey directly through Azure contracts, streamlining adoption for enterprise IT buyers.

This is a major distribution milestone and a signal of Harvey’s maturation. Over the past year, the company has seen a rapid increase in revenue, built a strong technical and commercial team, and emerged as a dominant player in verticalized AI for professional services. Deploying on Azure allows Harvey to meet enterprise requirements at scale and deepen its footprint across Microsoft’s ecosystem.

Key Concerns

Regulatory Headwinds to Hinder Growth

Concerns around data privacy, AI bias, and the ethical implications of AI-generated content in legal proceedings pose significant challenges to revenue growth. Legal tech firms like Harvey AI operate in a highly regulated environment bound by strict confidentiality, professional responsibility, and ethical obligations. As AI becomes embedded in critical legal functions—such as research, drafting, and case preparation—the risk of mishandling sensitive client data emerges as a major obstacle. Non-compliance with data protection laws, including the GDPR and various US state-specific privacy regulations, exposes both law firms and their AI providers to legal liability.

Additionally, bias and inaccuracies in AI outputs hinder broader adoption. Language models trained on public legal datasets may perpetuate historical biases or generate false or misleading information. In a profession where precision and impartiality are non-negotiable, such flaws can lead to malpractice or ethical breaches. Regulatory bodies like the American Bar Association and state bar associations have issued multiple advisories underscoring lawyers’ duties to supervise the use of AI tools and to disclose their deployment when required.

Technological Dependence on Third-Party LLMs  

Changes in access terms or pricing by OpenAI could disrupt Harvey's operations. The company initially built its legal AI platform on OpenAI’s GPT-4 models and remains a major customer. It has committed $150 million over two years to Microsoft Azure, OpenAI’s cloud partner, underscoring its significant reliance on OpenAI's infrastructure. This dependency exposes Harvey to potential risks from pricing shifts, service restrictions, or policy changes by either OpenAI or Microsoft.

To mitigate this vulnerability, Harvey announced a partnership with French AI company Mistral in May 2024. The collaboration enables integration of both open-weight and commercial Mistral models, offering increased flexibility and performance optimization across legal workflows. This forms part of Harvey’s broader multi-model strategy aimed at reducing reliance on a single provider.

By diversifying its model architecture, Harvey seeks to ensure service continuity, enhance output quality, and tailor responses to varied legal use cases. Nonetheless, OpenAI remains its primary model partner, and this ongoing dependence continues to pose a critical infrastructure risk.

Industry Overview

The legal industry is undergoing a profound transformation, shifting from static, document-centric workflows to agile, AI-driven systems. With increasing regulatory complexity and growing pressure on legal departments to deliver more with fewer resources, generative AI has evolved from a novelty to a necessity.

McKinsey estimates that 22% of legal tasks and 35% of law clerk responsibilities are now automatable. Law firms like Ashurst report that 60% of their staff use AI tools daily. Meanwhile, consulting giants such as Deloitte and PwC are scaling AI adoption across legal, compliance, tax, and audit functions—positioning legal AI as a critical, enterprise-wide capability.

The 2025 Thomson Reuters Future of Professionals Report highlights AI's impact on productivity, particularly in routine tasks like document review, legal research, and contract analysis. These tools could save lawyers nearly 240 hours annually. The report is based on responses from 2,275 professionals—primarily legal experts—across sectors including tax, accounting, global trade, risk, fraud, compliance, and corporate leadership. Respondents represented global regions including the US, UK, Canada, Australia, New Zealand, Latin America, Mainland Europe, Asia, Africa, and the Middle East.

Generative AI is transforming the legal industry by accelerating core workflows and enabling lawyers to focus on higher-value tasks. According to a Thomson Reuters Institute report, 50% or more of surveyed legal professionals identified six key use cases where GenAI adds immediate value—each essential to legal practice and highly interconnected.

These functions also represent some of the most time-intensive legal tasks, with lawyers spending 40% to 60% of their time drafting and reviewing contracts and legal documents. GenAI, powered by large language models (LLMs), helps reclaim that time by delivering speed, accuracy, and reliability across the following applications:

Document Review: GenAI can process vast amounts of information in seconds, accurately reviewing data to produce outputs that legal professionals can trust.

Document Summarization: By generating precise summaries, GenAI helps legal teams quickly assess the relevance of documents—essential in managing heavy documentation workloads.

Legal Research: GenAI conducts fast, reliable analysis across extensive legal databases, delivering relevant insights and citations more efficiently than manual research.

Brief or Memo Drafting: LLM-powered tools generate accurate, well-structured legal drafts by centralizing key information, suggested language, clauses, and editing tools.

Contract Drafting: GenAI automates the repetitive and detailed work of contract creation, significantly accelerating the drafting and review process while maintaining accuracy.

Correspondence Drafting: Using a large body of precedent and case law, GenAI drafts legal correspondence that reflects judicially tested language, ensuring clarity and compliance while handling formatting and grammar.

GenAI doesn’t replace legal expertise—it amplifies it. By synthesizing massive legal datasets instantly, AI elevates legal productivity, accuracy, and strategic potential.

However, despite recognizing the strategic importance of GenAI, many legal organizations remain underprepared. Most have yet to implement formal training, usage policies, or ROI measurement frameworks. Without proactive planning, firms risk falling behind in an increasingly competitive landscape.

The global legal AI market was valued at $1.5 billion in 2024 and is projected to reach $3.9 billion by 2030, at a CAGR of 17.3% between 2025 and 2030, per Grand View Research. This rapid growth is fueled by the rising demand for automation across legal functions such as eDiscovery, case prediction, regulatory compliance, and contract review. Legal firms and departments are increasingly challenged by the need to manage vast volumes of data and documents, prompting the adoption of AI-powered tools to enhance efficiency, accuracy, and decision-making.

North America led the global legal AI market in 2024, accounting for over 46% of total revenue, per Grand View Research, driven by the region’s early adoption of advanced technologies and the growing need for cost-effective legal operations. Meanwhile, Europe is expected to experience notable growth, with a projected CAGR of 17%, per Grand View Research, as law firms across the region turn to AI solutions to navigate complex compliance environments and reduce operational costs.

From an application perspective, legal research was the dominant use case in 2024, supported by growing adoption of AI tools to interpret complex legal language and extract actionable insights. The legal chatbot segment is anticipated to witness the fastest growth, driven by ongoing innovation and the rising focus on client-centric service delivery models.

In terms of end users, law firms were the largest adopters of legal AI in 2024, investing heavily in AI to enhance operational efficiency, reduce costs, and gain a competitive edge. Corporate legal departments are also increasingly implementing AI solutions for contract lifecycle management, litigation strategy, and regulatory tracking. The growing need for data-driven insights and improved compliance is prompting organizations to explore AI tools to streamline internal legal operations.

The legal AI market is further supported by a robust regulatory landscape that incentivizes compliance-driven innovation. Industries with high regulatory burdens, such as finance, healthcare, and pharmaceuticals, are accelerating AI adoption to manage risks more effectively. Legal AI solutions enable organizations to track evolving regulations and ensure compliance without overwhelming legal teams.

Innovation continues to reshape the market, with modern legal AI platforms leveraging advanced technologies to automate repetitive tasks, reduce human error, and improve research outcomes. AI tools are now capable of parsing through thousands of documents, identifying relevant precedents, summarizing legal findings, and enhancing overall legal workflows.

Overall, the legal AI industry is poised for sustained growth as firms and corporate legal departments increasingly embrace technology to improve outcomes, reduce operational inefficiencies, and navigate complex legal landscapes. The convergence of AI, regulatory support, and innovation is driving a fundamental shift in how legal services are delivered and consumed.

Financials

Harvey’s Revenue Estimates – MVR Analysis

We expect Harvey to capture a 2-3% share of the legal AI software market by 2030. Furthermore, we believe that its pole position in AI-powered legal assistance will unlock further penetration into the legal services market. These revenue streams will contribute significantly to Harvey’s bottom line by 2030. Given these assumptions and projections, we estimate that Harvey’s revenue will experience substantial growth in the coming years, estimates for which are as follows:

As of August 2025, a total of 517 law firms utilize Harvey's platform, according to Harvey. Assuming that 20% (i.e., 103 firms) are large law practices comprising between 1,000 and 1,200 attorneys translates to an estimated 103,400 to 124,080 users. The remaining 80% (i.e., 414 firms) are assumed to be smaller firms, each with 100 to 120 lawyers, resulting in an additional 41,360 to 49,632 users. Beyond law firm adoption, roughly 54,000 other legal practitioners are independently utilizing Harvey’s services, per Harvey. The average annual pricing per lawyer is $1,200 in 2025, according to Artificial Lawyer. Based on the total estimated user base, the resulting revenue for the year is anticipated to fall within the range of $338.5 million to $273.3 million.

The global median number of lawyers stands at approximately 81.6 per 100,000 individuals, per World Population Review. With a world population of 8,191,988,453 in 2025, per Macrotrends, this implies a global legal workforce of approximately 6,684,663 lawyers. Consequently, Harvey’s 2025 market penetration equates to approximately 3% to 3.4% of the global legal profession.

Assuming a CAGR of 0.84% in global population from 2022 to 2025, per MVR estimates and Macrostrends, continues through 2030, the estimated global population will reach 8,540,079,742. Maintaining the current ratio of lawyers per capita, this results in an estimated 6,968,705 lawyers worldwide by 2030.

Should Harvey attain a market share of 4% to 6% by 2030, its customer base would range between 278,748 and 418,122 lawyers. Assuming an inflation-adjusted annual pricing per lawyer of $1,821 (current inflation rate of SaaS is 8.7%, per Cropink), Harvey's projected revenue in 2030 would range between $508 million and $761 million.

Harvey's ARR exhibited remarkable acceleration, rising from $1 million in 2022 to $10 million by 2023 to $50 million in April 2024, and reaching $75 million in April 2025. Assuming the company has made ½ to 1/3 of its revenue by April 2025, its total revenue for 2025 is projected to fall within the range of $150 million to $225 million.

Extrapolating from this base, we forecast revenue growth through 2030 by applying a graduated YoY growth model: 45% in 2026, tapering sequentially to 40% in 2027, 35% in 2028, 30% in 2029, and 25% in 2030. Under this framework, Harvey’s 2030 revenue is projected to range between $668 million and $1 billion.

Implied Private Market Valuation

Harvey holds the pole position in the AI-powered legal services tools market. While the company currently lacks direct public market comparables, parallels can be drawn from established enterprise AI firms that have accessed public capital markets.

Among the most relevant comparables are C3.ai, LivePerson, and ServiceNow. C3.ai, for instance, offers a platform for developing and deploying AI solutions across various industrial sectors, including oil and gas, manufacturing, and retail. LivePerson specializes in conversational AI and commerce software, while ServiceNow offers a natively integrated AI platform tailored for rapid deployment within enterprise workflows.

At the time of their respective initial public offerings (IPOs), these companies were valued at $4.0 billion (C3.ai), $0.2 billion (LivePerson), and $3.0 billion (ServiceNow). Their annual revenues at that time were roughly $160 million, $10 million, and $90 million, respectively. These figures yield EV/Revenue multiples of 25.0x, 20.0x, and 33.3x. Averaging across these three data points produces an implied EV/Revenue multiple of approximately 31.7x.

Given Harvey’s massive scope of adoption amidst millions of lawyers and demonstrable product-market fit, it is analytically sound to project that, in the event of a public listing, Harvey could reasonably command a 250-300% premium over the 31.7x benchmark.

Applying this to Harvey’s revenue projections (MVR estimates), a valuation range of $17.8 billion to $22.7 billion is achieved for 2025, and $52.9 billion to $72.3 billion by 2030. In this context, the company’s current valuation of $5 billion appears markedly conservative. This valuation gap highlights Harvey as a significantly undervalued asset and a compelling opportunity for investors seeking exposure to a high-growth enterprise AI application layer.

Funding Rounds & Private Valuations

Harvey has secured around $806 million in funding across six funding rounds. Harvey’s pole position in AI-powered legal solutions has led to significant investor interest since 2023. Notably, the company raised $21 million in April 2023, followed by an $80 million series B round in December 2023. The company's ability to attract investment has continued to grow, with its latest funding round – a $300 million Series E in June 2025, with investors including Coatue, Kleiner Perkins, Conviction Capital, DST Global, Elad Gil, Elemental, Google Ventures, Kris Fredrickson, OpenAI, REV Venture Partners, SV Angel, and Sequoia Capital. The latest funding round valued the company at $5 billion, a 67% markup from its valuation of $3 billion post-series D in February 2025.

Comparative Public Multiples

The following table shows the public peer multiples of enterprise AI companies. These multiples provide a useful reference for valuing Harvey. Given that Harvey is the best-of-breed AI legal and tax solutions provider, we believe the startup’s valuation multiple should command a premium over its public peers.

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