Legal AI Startup Harvey Valued at $700 Million in Round Co-Led By Kleiner

Harvey, a one-year-old startup that sells artificial intelligence-powered legal software, is in talks to raise between $70 million and $80 million in a round that would value it at $700 million including the investment, two people familiar with financing said. The funding more than quadruples its valuation announced in April, indicating investors are still hungry for AI startups that can show revenue growth.

Venture firm Kleiner Perkins and solo investor Elad Gil, who previously invested in the company’s seed and Series A rounds, are set to co-lead the round, the people familiar said. Existing investors Sequoia Capital and OpenAI Startup Fund will participate as well, these people said.