Harvey reaches $16B valuation after $550M funding round

Harvey, the San Francisco-based legal AI startup, closed a $550 million funding round on September 9, pushing its valuation to $15.6 billion. That figure is up from $11 billion just six months ago, making Harvey comfortably the most valuable company in the legal AI space. The round was co-led by Lightspeed Venture Partners and Diffusion, a newly formed firm co-founded by Kris Fredrickson, who has been a prominent investor in Harvey across multiple rounds. New backers Sapphire Ventures and Whale Rock Capital Management joined alongside returning heavyweights Sequoia, Andreessen Horowitz, and Kleiner Perkins. Harvey has now raised more than $1.5 billion in total funding. Growth that speaks for itself Harvey’s annual recurring revenue has surpassed $400 million, roughly doubling since March 2026. For context, when the company raised $200 million at an $11 billion valuation in March, it was already considered one of the fastest-growing enterprise AI companies on the planet. Harvey now serves over 3,000 organizational customers. Around 80% of the Am Law 100, the ranking of the largest US law firms by revenue, use the platform. Several Fortune 10 companies, including Microsoft, are also ...