Harvey AI Corp. has secured $550 million in a new funding round, bringing the company's valuation to $15.5 billion. The investment was led by Diffusion and Lightspeed Venture Partners, with participation from Sequoia, Kleiner Perkins, Goldman Sachs, and others.
The company provides a cloud platform for law firms and corporate legal teams to automate manual tasks. Harvey reports that its software is used by 80% of the top 100 law firms in the U.S. and half of the Fortune 10 companies. Its Vault repository allows users to store up to 100,000 documents.
Harvey recently launched Tenet, a custom large language model based on the Kimi K3 architecture. The model consists of 896 neural networks and is optimized for legal tasks. According to the company, Tenet performs certain contract processing operations 20% more effectively than the base Kimi K3 model.
Alongside the model, the company introduced LAB, a benchmark for evaluating legal AI performance, which currently includes 1,200 tasks. Harvey plans to use the new capital to expand its computing infrastructure and accelerate the development of future generalist AI models.
