Harvey funding: Every round, investor, and valuation (2026)

Harvey sells AI software to lawyers. Its platform drafts contracts, reviews documents for due diligence, researches case law, and runs multi-step legal workflows through AI agents, and it is used by law firms, corporate legal departments, and financial firms. Many people know it as Harvey AI, after its harvey.ai address.

Harvey has raised about $1.77 billion across nine priced rounds since its 2022 seed, all of it equity, plus two strategic investments. Its latest, a $550 million round co-led by Diffusion and Lightspeed in September 2026, valued the San Francisco company at $15.5 billion.

The first check came from the OpenAI Startup Fund. Since then, Harvey has never gone more than eight months without a new round, and its valuation has risen every time. Let's dive into Harvey's funding history.

Harvey raised its first $206 million in four rounds over 20 months. It then raised about $1.57 billion between February 2025 and September 2026, as its revenue began to compound.

Harvey began with two founders from opposite sides of the problem. Winston Weinberg was a securities and antitrust litigator at O'Melveny & Myers, and Gabe Pereyra was a research scientist at Google DeepMind and Meta. They pitched OpenAI's leadership in July 2022, months before ChatGPT launched, and came away with early access to the models that became GPT-4.

The OpenAI Startup Fund, a vehicle separate from the rounds that fund OpenAI itself, led a $5 million seed that November. Harvey's first big customer followed in February 2023, when Allen & Overy said it had rolled the tool out to 3,500 lawyers after a trial that logged about 40,000 queries.

Sequoia led the Series A in April 2023. Kleiner Perkins and the angel investor Elad Gil co-led the Series B that December at $715 million, taking total funding past $100 million. OpenAI's fund and Sequoia both came back, the start of a habit of existing backers reinvesting in nearly every round.

GV, the venture arm of Google's parent company Alphabet, led the $100 million Series C in July 2024 and made Harvey a unicorn. Around the same time, Harvey and OpenAI built a custom model trained on US case law, adding about 10 billion tokens of legal text. Lawyers at 10 large firms preferred its answers to GPT-4's 97% of the time.

The money went into a wider product. Harvey added Vault for reviewing large sets of documents and workflows for tasks such as drafting and due diligence. Annual recurring revenue (ARR) grew fourfold in 2024, and the customer count rose from 40 to 235 across 42 countries.

Sequoia led again in February 2025, a $300 million Series D at $3 billion. Two new names joined: Coatue, a crossover fund that invests in private and public companies, and REV, the venture arm of LexisNexis owner RELX.

The pace then sped up. Kleiner Perkins and Coatue co-led a $300 million Series E in June 2025, four months after the Series D, and Harvey said it would use the money to double headcount. A €50 million extension from EQT Growth followed in October to fund expansion outside the US.

Andreessen Horowitz led a $160 million round in December 2025, which Harvey called a Series F. It came with Harvey's first tender offer, which let some long-tenured employees sell shares, though the size was not disclosed. GIC and Sequoia co-led $200 million in March 2026, the third Harvey round Sequoia had led or co-led.

Funds from Goldman Sachs and J.P. Morgan invested an undisclosed sum in July 2026, after Harvey added more than $100 million of ARR in a single quarter. The September round was the largest yet. It was co-led by Lightspeed and Diffusion, a new firm co-founded by former Coatue investor Kris Fredrickson, who had invested in the Series E as an individual.

Harvey's valuation has risen at every priced round it has disclosed. The multiple between rounds has shrunk as the base grew, but the dollar gains have not. The September 2026 round alone added $4.5 billion, more than the company's whole price at the Series D.

From the Series B to September 2026, the price rose about 22 times in 33 months. The gaps between rounds were short, never more than seven months, so each new investor paid for only a few months of extra growth. Bloomberg put the latest round at $15.6 billion; Harvey's own announcement says $15.5 billion.

Revenue explains much of the climb. Harvey passed $100 million of ARR in August 2025 and reached about $190 million by January 2026, according to CNBC. By September 2026 it had passed $400 million, according to The Next Web, which put the valuation at about 39 times ARR.

Harvey is not the only AI tool for professionals priced this way. OpenEvidence's rise in medical AI reached $15 billion in the same month, also with Andreessen Horowitz as a co-lead. Each round also spreads the cap table wider, which is visible in how Harvey's ownership is split between its founders, employees, and a long list of funds.

Harvey's backers fall into three groups: the venture firms that led its early and middle rounds, strategic investors that bring models, content, or distribution, and late-stage funds that often buy in before a company goes public. No investor's stake has been disclosed.

Sequoia is the most consistent backer. It led the Series A and Series D and co-led the March 2026 round, and partner Pat Grady sits on Harvey's board, according to the company's September 2026 Form D filing. Grady called co-leading three rounds in one company "rare for Sequoia" in the March announcement.

Kleiner Perkins co-led the Series B and Series E, and partner Ilya Fushman is also a director. Kleiner has made a similar bet on AI for bankers, leading Rogo's Series D in April 2026. Coatue co-led the Series E, Andreessen Horowitz led the Series F, and GV led the Series C.

The early angels stayed on. Elad Gil invested in the seed, co-led the Series B, and joined every round through September 2026. Sarah Guo's Conviction, an early-stage AI fund, has backed Harvey since the Series A.

The OpenAI Startup Fund invested in the seed and in every round through the Series E. Harvey got early model access and a research partner for its case-law model, and OpenAI got a showcase customer for its models in a demanding profession. That relationship has since loosened, as Harvey now routes work across several model providers.

RELX's venture arm REV came in at the Series D. In June 2025, LexisNexis signed an alliance that puts its primary law content and Shepard's Citations, its tool for checking whether a case is still good law, inside Harvey. That gave Harvey trusted legal sources and gave LexisNexis a stake in a fast-growing rival.

EQT Growth's extension came with access to EQT's portfolio and network in Europe and Asia. The Goldman Sachs and J.P. Morgan investment brought in two of Wall Street's largest banks as Harvey pushed into financial services.

The newest money comes from investors that often buy into companies before an IPO. GIC, Singapore's sovereign wealth fund, co-led the March 2026 round and returned in September. Accounts advised by T. Rowe Price joined in December 2025, and Sapphire Ventures and Whale Rock joined in September 2026.

Lightspeed's Sebastian Duesterhoeft took a board observer seat after the September round, according to The Next Web. Lightspeed called legal the second-largest market for AI applications after coding.

Harvey has three big costs: the AI models that answer every query, the people who build and sell the product, and the offices and acquisitions that extend it into new markets. Harvey does not publish its burn rate, so the round announcements and reporting show where the capital goes.

Usage is the fastest-growing cost. Weinberg said Harvey processed about 1 trillion tokens in January 2026 and 12 to 13 trillion a month by June, after a March update to its agents. Pereyra, now Harvey's president, called that pace unsustainable on frontier models from OpenAI and Anthropic.

The cost showed up in margins. Bloomberg reported in September 2026, citing a person familiar with the figures, that Harvey's gross margin fell from about 50% at the start of the year to about negative 50% by June. Every query sent to a frontier model is revenue for the lab behind it, and API sales to apps like Harvey are central to how Anthropic makes money.

Harvey's answer was to own more of its models. In August 2026 it released Tenet, a post-trained model built on Kimi K3, an open-weight model from China's Moonshot AI. It was trained with Fireworks AI, the inference company behind a $1.5 billion Series D that July. Harvey now sends each task to the cheapest model that handles it well and keeps frontier models for the hardest work, and the September round was raised to help customers "build and own their intelligence."

Harvey's headcount has grown about twentyfold in two and a half years. It had 82 employees in March 2024 and just over 1,600 by August 2026. About a quarter of staff had legal backgrounds as of mid-2026, many of them legal engineers, lawyers who build workflows and agents inside customer firms.

Harvey bought four companies in 2026, all small teams acquired for their people. Hexus, which builds AI product demos, came in January, followed by Lume AI for customer integrations in March and Benchmark, deal-memory software for asset managers, in July. Guardrails AI, which tests AI agents for reliability and security, was announced alongside the September round. Terms were not disclosed for any of them.

The EQT money and the later rounds pay for offices outside the US. Harvey runs separate app instances in the US, EU, and Australia and has teams in London, Sydney, Singapore, and Bengaluru. A Boston office opens in fall 2026, and a Tokyo office follows in early 2027, with a partnership with Legalscape for Japanese legal research.

Harvey had more than 3,500 customers in over 85 countries by October 2026, up from 235 at the end of 2024. They include law firms such as A&O Shearman and Paul Weiss, PwC, and corporate legal teams at HSBC, Comcast, and KKR.

Harvey's growth push is moving beyond large law firms. In-house legal departments are growing faster than firms, and the Benchmark deal and the Goldman Sachs and J.P. Morgan investment point to financial services, especially asset managers, as the next big segment. Japan and the rest of Asia-Pacific are the main new geographies, through the Tokyo office and partners such as Legalscape.

The product plan centers on agents and Harvey's own models. Customers had built more than 25,000 custom agents by March 2026, and the September round is earmarked for post-trained models such as Tenet, more hiring, and further acquisitions. On an IPO, Weinberg told The Lawyer in October 2025 that a listing was "on the horizon," and Harvey's new chief revenue officer, Steve Zad, helped take Rubrik public in 2024. No filing, bank, or date has been reported.

The risks are concentrated in Harvey's suppliers and rivals. Anthropic launched a legal product in May 2026, Legora raised $550 million at $5.55 billion in March 2026, and Thomson Reuters sells CoCounsel to the same firms. Weinberg has said the base case for application companies is getting "run over" by the labs, which is why the latest $550 million is going into owning more of the model layer, where Harvey's margins will be decided.

Harvey has raised about $1.77 billion, all of it equity. That covers nine priced rounds, from a $5 million seed in November 2022 to a $550 million round in September 2026, plus a €50 million extension from EQT Growth in October 2025. The amount of a July 2026 investment from Goldman Sachs and J.P. Morgan funds was not disclosed.

Harvey's lead investors are Sequoia, Kleiner Perkins, Coatue, Andreessen Horowitz, GV, GIC, Lightspeed, Diffusion, Elad Gil, and the OpenAI Startup Fund. Other backers include Conviction, REV (the venture arm of RELX), EQT Growth, T. Rowe Price, DST Global, Sapphire Ventures, Whale Rock, Goldman Sachs Alternatives, and J.P. Morgan Growth Equity Partners.

Harvey was valued at $15.5 billion in its September 2026 round, though Bloomberg reported $15.6 billion. That is up from $11 billion in March 2026, $8 billion in December 2025, and $715 million at the Series B in December 2023.

No. Harvey is private and has not filed for an IPO. CEO Winston Weinberg has said a listing is on the horizon, but no timeline has been announced. Employees have been able to sell some shares through a tender offer that ran alongside the December 2025 round.

Harvey is owned by its founders, employees, and investors. Winston Weinberg is co-founder and CEO, and Gabe Pereyra is co-founder and president. Sequoia, Kleiner Perkins, Andreessen Horowitz, Coatue, GIC, and the OpenAI Startup Fund are among the large outside holders, though their exact stakes are not public.