# Harvey AI's Funding History: Every Round, and Its $11B Valuation

> From a $5 million OpenAI-led seed in 2022 to an $11 billion valuation in March 2026, Harvey has raised more than $1 billion in under four years. Here is every round, every lead investor, and what the capital signals about the legal AI market.

*Published 2026-07-10 · By Legal AI Insight Research Desk*

In short
Harvey AI has raised more than $1 billion since its 2022 founding, climbing from a $5 million OpenAI-led seed to an $11 billion valuation in March 2026. Sequoia Capital and the OpenAI Startup Fund have been the two most consistent threads across eight rounds in under four years, a pace matched by real revenue growth — from roughly $100 million to $190 million in annual recurring revenue between August 2025 and January 2026.

Legal technology has rarely produced a company that raises capital as fast as Harvey. Founded in 2022 by former litigator Winston Weinberg and former Google DeepMind and Meta researcher Gabriel Pereyra, the company builds generative-AI tools for legal research, contract drafting, due diligence, and workflow automation, sold primarily to large law firms and corporate legal departments. In under four years it went from a five-person seed-stage startup to a firm valued at $11 billion, backed by some of the most recognizable names in venture capital. This piece walks through every confirmed funding round, the OpenAI relationship that started it all, and what the capital signals about where the legal AI market is headed.

## How did Harvey's OpenAI relationship start, and why does it matter?

Harvey's origin story runs directly through OpenAI. Weinberg and Pereyra tested an early GPT-3 prototype on 100 real landlord-tenant law questions pulled from a public forum, then had three attorneys evaluate whether the answers could be sent to a client unchanged — 86 out of 100 passed. That result was enough to get a meeting: the founders contacted Sam Altman and OpenAI general counsel Jason Kwon, and met with OpenAI's leadership on July 4, 2022. [OpenAI became Harvey's seed investor](https://openai.com/index/harvey/) that November and gave the company early access to GPT-4 ahead of its public launch. The two organizations later went further than a standard API relationship, jointly building a custom-trained model for case-law research; in blind side-by-side testing with attorneys at ten of the largest law firms, the custom model's output was preferred 97% of the time over standard GPT-4, largely because every legal citation was actually supported by the case referenced. The OpenAI Startup Fund went on to participate in Harvey's Series B, C, D, and E rounds, making it one of the few investors present across nearly the entire funding history.

## What were Harvey's early funding rounds, from seed through Series C?

Harvey's first four rounds moved at a startup's normal pace before the pace accelerated sharply. The **seed round**, announced in November 2022, raised $5 million, led by the OpenAI Startup Fund with participation from investors including Google AI's Jeff Dean, Elad Gil, and Conviction founder Sarah Guo. The **Series A** followed in April 2023: $23 million led by Sequoia Capital. By **Series B** in December 2023, Harvey had raised $80 million led by Elad Gil and Kleiner Perkins, with Sequoia and the OpenAI Startup Fund also participating, at a reported valuation of $715 million — its first unicorn-adjacent marker. The **Series C**, announced in July 2024, brought in $100 million led by GV (formerly Google Ventures), joined by OpenAI, Kleiner Perkins, Sequoia, Elad Gil, and SV Angel, valuing the company at $1.5 billion. Across these first four rounds, Harvey raised roughly $208 million combined in under two years — itself a fast pace for a legal technology company, though modest next to what followed.

## How did Harvey's valuation jump from $3 billion to $11 billion in about a year?

Starting in early 2025, Harvey's fundraising accelerated into what TechCrunch and other outlets described as a series of back-to-back mega-rounds. The **Series D**, announced in February 2025, raised $300 million led by Sequoia Capital, with Coatue, Kleiner Perkins, the OpenAI Startup Fund, GV, Conviction, Elad Gil, and REV (the venture arm of RELX, owner of LexisNexis) participating, at a $3 billion valuation. Four months later, in June 2025, the [Series E added another $300 million](https://www.harvey.ai/blog/harvey-raises-series-e), co-led by Kleiner Perkins and Coatue with the same core group of returning backers, valuing Harvey at roughly $5 billion. By December 2025, [a $160 million Series F led by Andreessen Horowitz](https://www.harvey.ai/blog/andreessen-horowitz-leads-dollar160m-investment-in-harvey) — joined by new investors EQT, WndrCo, and accounts advised by T. Rowe Price, alongside returning backers Sequoia, Kleiner Perkins, Conviction, and Elad Gil — pushed the valuation to $8 billion, Harvey's third mega-round of 2025 alone, together totaling roughly $760 million raised in a single calendar year. The climb continued into 2026: reports surfaced in February that Harvey was in talks to raise at $11 billion, and the round was confirmed on March 25, 2026, when [Harvey announced $200 million in new funding co-led by Singapore's GIC and Sequoia Capital](https://www.cnbc.com/2026/03/25/legal-ai-startup-harvey-raises-200-million-at-11-billion-valuation.html), with Andreessen Horowitz, Coatue, Conviction Partners, Elad Gil, Evantic, and Kleiner Perkins also participating. Sequoia partner Pat Grady called leading a third Harvey round "the ultimate sign of conviction."

Harvey AI funding rounds, seed through March 2026
RoundDateAmount raisedValuationLead investor(s)

SeedNov 2022$5 millionNot disclosedOpenAI Startup Fund
Series AApr 2023$23 millionNot disclosedSequoia Capital
Series BDec 2023$80 million$715 millionElad Gil, Kleiner Perkins
Series CJul 2024$100 million$1.5 billionGV
Series DFeb 2025$300 million$3 billionSequoia Capital
Series EJun 2025$300 million~$5 billionKleiner Perkins, Coatue
Series FDec 2025$160 million$8 billionAndreessen Horowitz
Growth roundMar 2026$200 million$11 billionGIC, Sequoia Capital

## What does Harvey's revenue growth look like alongside its valuation?

Investors have generally pointed to real, fast-growing revenue as the justification for Harvey's valuation trajectory, rather than valuation running purely on hype. Harvey publicly disclosed in August 2025 that it had crossed $100 million in annual recurring revenue roughly three years after launch, alongside more than 500 customers and weekly active users that had quadrupled over the prior year. By January 2026, CEO Winston Weinberg said on LinkedIn that Harvey had reached approximately $190 million in annual recurring revenue — nearly doubling in about five months — with more than 25,000 custom AI agents running across customer workflows spanning M&A, due diligence, contract drafting, and document review. Independent research firm Sacra separately estimated Harvey's 2025 revenue at close to $195 million, describing year-over-year growth above 290% from an estimated $50 million in 2024. Harvey reports more than 100,000 lawyers across roughly 1,300 organizations now use its platform, including a majority of the Am Law 100, over 500 in-house legal teams, and roughly 50 asset-management firms across 60 countries.

## What does Harvey's capital raise signal about the legal AI market?

Harvey's fundraising pace is being read across the venture industry as a signal that some investors want direct exposure to AI application companies, not just the foundation-model labs building the underlying technology. CNBC's coverage of the March 2026 round explicitly framed it as VCs "spreading bets beyond model companies" into vertical AI leaders with real enterprise revenue. That framing is reinforced by competitive pressure: Swedish rival Legora reached a reported $1.8 billion valuation in October 2025, and in February 2026 Anthropic launched its own legal-focused plugin, signaling that foundation-model companies themselves are now moving into legal AI rather than only investing in specialists through vehicles like the OpenAI Startup Fund. Not every observer is convinced the multiples make sense on fundamentals alone; a widely shared Medium commentary questioned whether some of Harvey's later-round capital effectively functions as an indirect bet on OpenAI's broader trajectory, given the overlapping investor base and technology dependency. Whatever the long-run outcome, the sheer scale and speed of Harvey's rounds — three billion-dollar-plus valuation step-ups in roughly thirteen months — has already reset expectations for how quickly a legal technology company can be capitalized when its revenue growth and enterprise adoption both move at AI-industry speed rather than traditional legal-tech speed.

## Sources

1. [Harvey Raises at $11 Billion Valuation to Scale Agents Across Law Firms and Enterprises](https://www.harvey.ai/blog/harvey-raises-at-dollar11-billion-valuation-to-scale-agents-across-law-firms-and-enterprises)
2. [Legal AI startup Harvey valued at $11 billion in funding round, as VCs spread bets beyond model companies](https://www.cnbc.com/2026/03/25/legal-ai-startup-harvey-raises-200-million-at-11-billion-valuation.html)
3. [Harvey confirms $11B valuation: Sequoia triples down](https://techcrunch.com/2026/03/25/harvey-confirms-11b-valuation-sequoia-triples-down/)
4. [Andreessen Horowitz Leads $160M Investment in Harvey](https://www.harvey.ai/blog/andreessen-horowitz-leads-dollar160m-investment-in-harvey)
5. [Harvey Raises $300 Million Series E Co-led by Kleiner Perkins and Coatue](https://www.harvey.ai/blog/harvey-raises-series-e)
6. [Harvey Raises $300M Series D Led by Sequoia](https://www.harvey.ai/blog/harvey-raises-series-d)
7. [Harvey Raises Series C from Google Ventures, OpenAI, Kleiner Perkins, Sequoia Capital, Elad Gil, and SV Angel](https://www.harvey.ai/blog/harvey-raises-series-c)
8. [Customizing models for legal professionals](https://openai.com/index/harvey/)

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Source: https://legalaiinsight.com/industry-news/harvey-ai-funding-valuation
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