Harvey AI Receives $21 Million Investment in Series A Round

Prolific AI law-focused tech startup Harvey has raised $21 million in a Series A funding round led by Sequoia Capital. Harvey is a startup that builds custom big language models for law firms using OpenAI's GPT-4. Sequoia Capital, which led the Series A fundraising round, stated that more than 15,000 law firms are on the waiting list to start using Harvey. Harvey said OpenAI Startup Fund, Conviction, SV Angel and Elad Gil also participated in the funding round.

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Harvey AI

Harvey was founded in 2022. And it was built on OpenAI's big language model GPT-4. Last year, it raised $5 million in a round led by the OpenAI Startup Fund. The company says it is building specialized big language models for law firms. Tech companies and investors have rushed to adopt big language model-based generative AI since the launch of Microsoft-backed OpenAI's ChatGPT in November. The models are trained on large, customizable datasets to produce text or other output that can closely mimic human creativity and analysis. Researchers used GPT-4 to pass the bar exam last month.

Global law firm Allen & Overy announced in February that 3,500 lawyers and staff would use Harvey to automate some document drafting and research. In March, accounting giant PricewaterhouseCoopers said it would give 4,000 lawyers access to the platform. Sequoia confirmed earlier reports that it had led a $21 million funding round for Harvey.

"Harvey is the first and best example of a new kind of company: an AI super app" Sequoia partners Pat Grady and Charlie Curnin wrote on Sequoia's website. "Harvey is in the business of giving people superpowers. First, lawyers. Then, professional services."

Harvey was founded last year by Winston Weinberg, a former partner at law firm O'Melveny & Myers, and Gabriel Pereyra, formerly a research scientist at DeepMind and machine learning engineer at Meta AI. The company's announcement reads as follows.