Harvey's annualized revenue more than doubled to $350M since January. The legal AI startup is raising $500M at a $15.5B valuation, per The Information.
Alpha Score of 57 reflects moderate overall profile with moderate momentum, moderate value, moderate quality, moderate sentiment.
Legal artificial intelligence startup Harvey is closing in on a $15.5 billion valuation as it lines up $500 million in new funding, The Information reported Friday, citing a person familiar with the matter.
The company's annualized revenue has more than doubled since January, climbing from $190 million to above $350 million, according to the report. Harvey raised $200 million in March at an $11 billion valuation.
A Harvey spokesperson declined to comment on the report.
The round would cement Harvey's position atop the legal AI space, a market that attracted north of $2.4 billion in venture funding through October of last year, PYMNTS reported.
Harvey's core product automates contract analysis, due diligence, and compliance work using custom AI agents. The company said in March it had deployed more than 25,000 such agents across 1,300 customers in 60 countries.
Goldman Sachs Alternatives and J.P. Morgan Growth Equity Partners completed an investment in the company on July 28. Harvey CEO Winston Weinberg said at the time that bringing on "marquee investors for our next stage of growth is critical."
Harvey's valuation run has mirrored broader investor appetite for legal-specific AI tools. Anthropic said in May that legal professionals had become "the most engaged Claude Cowork users of any knowledge-work function."
Norm Ai, another legal AI startup, raised $120 million in a Series C round in July that valued it at $1.2 billion. Legora secured a $50 million extension to its Series D financing in April after surpassing $100 million in annual recurring revenue.
Goldman Sachs holds an Alpha Score of 57 out of 100 on AlphaScala's proprietary rating system, a moderate classification that reflects its Financials sector weighting. The firm's stock page is available here.
Harvey's latest raise, if completed, would mark the second time this year the company has more than doubled its valuation.
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