AI Startup Harvey Targets $2 Billion Valuation and Mulls Buying a Legal Research Company

In just over a year, artificial intelligence startup Harvey raised three investment rounds to develop software that takes the drudgery out of legal paperwork. Now the company wants an even bigger war chest—one that could help it acquire other companies.

The San Francisco startup has been talking to investors about raising $600 million at a valuation of at least $2 billion, more than double its valuation from a December financing, according to a person involved in the discussions. If it’s able to raise that much, it could potentially use the new money to buy vLex, a 25-year-old legal research service majority-owned by private equity firm Oakley Capital, to train its product, Harvey executives have told potential investors. Kleiner Perkins, which co-led Harvey’s last financing, plans to invest $100 million in the round, Harvey executives told potential investors.