Legaltech giant Harvey has secured $550m in fresh capital following its latest funding round, valuing the business at $15.5bn.
The financing round was co-led by venture capital firms Diffusion and Lightspeed Venture Partners, both new investors.
They were joined by other first-time contributors including AI start-up investor Sapphire Ventures and Whale Rock.
Existing investors Sequoia, Kleiner Perkins, Andreessen Horowitz, Coatue, Conviction, Elad Gil, Evantic, GIC, Goldman Sachs Alternatives, Verified Capital, and WNDR were also participants.
Harvey says the funding will be used to further scale-up its AI intelligence for law firm clients.
The financing comes as the company launches Harvey Lab, which is designed to improve and evaluate agentic capabilities for supporting legal work, alongside Harvey Tenet, which allows law firms to build their own specialised legal intelligence models for AI workflows.
In a joint statement, Harvey co-founders Winston Weinberg and Gabe Pereyra said: “The opportunity for companies to accelerate their competitive advantage with AI has never been higher.
“Harvey wants to be the global partner legal teams turn to for this work, and we plan to hire and develop the best team in the space to support our clients through the next wave of AI transformation.”
The financing round also follows Harvey’s acquisition of AI agentic security platform Guardrails AI, its fourth acquisition this year.
The purchase was made to improve the firm’s work on agentic reliability, as its AI agents perform multi-step legal tasks leaving limited room for errors.
Guardrails AI operates as a quality control layer for AI applications, where it has the capability to filter or block any AI model that has miscalculated an issue. It can also carry out instructions, such as not to leak personal information or produce toxic content.
Weinberg said that Guardrails has spent the past three years building the answer to the question that every firm asks: “Before they let an agent near real client work: how do you know what it will do?”
Guardrails co-founder and CEO Shreya Rajpal said: “We started Guardrails because the hard part of shipping AI isn’t building the system, it’s knowing how it behaves on the inputs nobody thought to test. Professional work is where that matters most, and Harvey is running agents on some of the highest-stakes work there is.”
The California-based firm was founded three years ago by Rajpal and Zayd Simjee.
In July, Harvey acquired New York-based investment firm-focused AI platform Benchmark to help accelerate the growth of Harvey’s asset management business. The company already collaborates with more than 125 investment management firms including Blue Owl Capital, Bridgewater Associates and KKR.
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