Legal AI startup Harvey has secured $550 million in a new funding round, bringing its total valuation to $15.6 billion. The round was co-led by Lightspeed Venture Partners and Diffusion, with participation from Sapphire Ventures and Whale Rock Capital Management. Since its inception in 2022, the company has raised over $1.5 billion in total capital.
The company reports that its annual recurring revenue has surpassed $400 million. Its client base has grown to more than 3,000 organizations, including Microsoft’s legal team, Latham & Watkins, and 80% of the Am Law 100 firms. Five Fortune 10 companies currently utilize the platform for their legal operations.
Harvey plans to use the new funding to accelerate the development of its proprietary AI models and reduce reliance on third-party providers like OpenAI and Anthropic. The company recently released its first post-trained open-weight legal model and launched Harvey LAB, a benchmark for testing legal AI agents.
The startup is expanding its capabilities beyond research and drafting into multi-step legal tasks such as due diligence, compliance, and litigation. To address security concerns regarding autonomous AI agents, Harvey recently acquired the security startup Guardrails AI.
The company has seen rapid valuation growth, rising from $3 billion in February 2025 to $15.6 billion in September 2026. Harvey currently faces competition from rivals such as Legora, which is reportedly seeking funding at a valuation exceeding $10 billion.
