August 10th, according to The Information, for lawyers ' AI Initial Company Harvey Negotiations are underway for a new round ofFinancingIT IS PROPOSED TO RAISE AT LEAST $500 BILLION, WITH AN ESTIMATE OF $15.5 BILLION, INCLUDING NEW FUNDS, WHICH IS ABOUT 40% ABOVE THE $11.1 BILLION IN THE PREVIOUS ROUND FIVE MONTHS。
According to reports, Harvey currently earns more than $350 million annually. This company provides lawyers with an AI tool for the review of contracts, legal research, etc., and is one of the highest-valued AI start-ups in the legal vertical field. The last round of financing was completed in March, with an increase of 40 per cent in valuations over the next five months, largely supported by the expansion of business clients and subscription income。
Negotiations are still ongoing and the final amount and valuation may change. The Information states that it is more likely that the current round will be covered by existing investors and that new funds will be used to expand the sales team and cover more legal sub-markets。