Harvey raises 550 million amid legal AI battle
Article excerpt
The investment fever for artificial intelligence applied to the legal sector once again boosts Harvey's valuation. The American company has closed a new financing round of 550 million dollars, which places its valuation at 15.5 billion dollars, in the midst of a race by major legal tech companies to capture the market of law firms and in-house counsel. The capital increase was co-led by Diffusion and Lightspeed Venture Partners and also included investors such as Sequoia, Kleiner Perkins, Andreessen Horowitz - a16z -, Coatue, Goldman Sachs Alternatives, and GIC. Among the new shareholders, in addition to the two firms leading the operation, are Sapphire Ventures and Whale Rock. The move comes as Harvey tries to go a step further than simply becoming an artificial intelligence tool for lawyers. The company recently launched its first open-weight model trained a posteriori and Harvey LAB, a system for evaluating legal agents, and now plans to use the new funds so that law firms and legal departments can develop and manage their own large-scale artificial intelligence systems. The company founded by Winston Weinberg and Gabe Pereyra has become one of the fastest-growing names in the wake of the emergence of generative artificial intelligence in the legal profession. According to data provided by the company itself, Harvey is already present in 75% of the firms included in the...
Keep reading with a free account
The rest of this article, and every signal for Harvey, is in your free account.
Extracted from this sentence
Harvey has acquired Guardrails AI, a San Francisco-based platform specializing in the safety and reliability of artificial intelligence agents.
:format(jpg):quality(99):watermark(f.elconfidencial.com/file/65c/43d/0ca/65c43d0ca5dbd5ff8f19b44167343db9.png,0,275,1)/f.elconfidencial.com/original/65c/ae1/424/65cae1424edcda675ca3ed28098afd4f.jpg)