Harvey AI raises $288 million in round led by GIC, Sequoia

The news: Legal AI startup Harvey has raised USD200 million ($288 million) in a round that values the company at USD11 billion.

The context: The company has now raised USD1 billion over its lifetime.

The raise was co-led by returning investors GIC and Sequoia and included participation from existing investors Andreessen Horowitz, Coatue, Conviction Partners, Elad Gil, Evantic and Kleiner Perkins.

The funding will be used to expand the AI agents that can run on Harvey and to hire more staff for its embedded legal engineering teams, whereby staff work inside customer organisations to help them use Harvey.

Harvey said it has partnered with most of the 100 largest American law firms, over 500 in-house legal teams and 50 asset management firms across 60 countries. Recently added customer additions include NBC Universal, HSBC, Corrs Chambers Westgarth, DLA Piper International and McCann Fitzgerald.