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Harvey, the leading generative AI platform purpose-built for professional services, has raised $80 million in Series B funding. The round was co-led by renowned venture capitalists Elad Gil and Kleiner Perkins, with participation from OpenAI’s Startup Fund and Sequoia Capital. This latest round of funding brings Harvey’s total funding to date to over $100 million and values the company at $715 million.
Founded in 2021 by Gabriel Pereyra and Winston Weinberg, Harvey uses advanced natural language processing to help professional services firms increase productivity and efficiency. The platform allows users to easily describe projects, data sets or goals in plain language, and Harvey’s proprietary AI generates customized analyses, strategic recommendations and other professional work products tailored to the user’s precise needs.
Over the past year, Harvey has seen exponential growth in engagement as leading law firms, in-house legal teams, professional services firms and private equity firms adopted the platform. Backed by over 10x revenue growth since April 2022, Harvey has firmly established itself as the go-to generative AI solution for advanced professional services.
“We are thrilled to have the continued support of our existing investors and the new support from Kleiner Perkins and Sequoia as we enter this next phase of rapid scale and impact for Harvey. The trust our customers place in Harvey for sensitive, complex projects drives our relentless focus on security and customization as we push the boundaries of applied AI.”
Gabriel Pereyra, CEO and co-founder of Harvey.
Harvey has focused heavily on developing proprietary natural language models that capture the nuances and domain expertise required for high-stakes professional services. Through an exclusive partnership with OpenAI, Harvey will gain access to cutting-edge generative AI research to incorporate into industry-specific base models. These custom models uniquely position Harvey to address even the most complex client needs in law, advisory, investment banking and more.
“We strive to provide professionals with access to AI that augments, not replaces, expertise – augmenting human judgment with data-driven insights,” said Winston Weinberg, CPO and co-founder of Harvey. “This funding will allow us to accelerate our pace of product innovation and building custom models to unlock the full potential of AI for professional services.”
The $80 million Series B will enable substantial investments in Harvey’s technology and team. With plans to double its current workforce, Harvey will expand its engineering, product, customer success and sales teams to support its rapidly growing customer base. The company also plans further development of its suite of product features and proprietary natural language models.
After a memorable 2022, Harvey appears poised to continue his impressive growth trajectory. With the backing of renowned investors and strong market traction, this generative AI upstart looks to solidify its position as a leader in enterprise AI solutions. The potential to revolutionize knowledge work with human-centric AI seems more within reach than ever before.