AI
AI
AI
Harvey AI Inc., a developer of artificial intelligence tools for legal professionals, today announced that it has closed a $250 million Series C investment.
The deal was jointly led by returning backers GIC and Sequoia. The latter firm also co-led Harvey’s previous two rounds. Andreessen Horowitz, Coatue, Conviction Partners, Elad Gil, Evantic and Kleiner Perkins also contributed to the new raise, which values the software maker at $11 billion.
Attorneys often review a significant amount of regulatory text before drafting a new legal document. Harvey provides an AI assistant that can automatically find relevant legislation and precedents, as well as extract key information. It also helps with the drafting process itself by generating the initial version of a legal document.
Finding areas for improvement in existing documents is another task that the assistant can automate. For example, an attorney could have the AI check whether a contract complies with a newly released update to an industry-specific regulation.
Legal teams that require more advanced document review features can use another Harvey tool called Vault. According to the company, it can run analyses on up to 100,000 documents.
When a company files a lawsuit against another business, attorneys often collect evidence from the defiant’s systems through a process known as discovery. Vault can automatically organize documents collected during discovery to ease analysis. A retailer, meanwhile, could upload a set of supplier agreements to Vault and ask it to check whether they all contain the latest version of its product co-marketing clause.
Vault doubles as a tool for organizing intellectual property such as document templates. Access controls enable law firms to regulate which staffer may use what file.
Harvey also promises to simplify several other aspects of legal teams’ work. Alongside the built-in automation features, its platform provides access to data such as regulatory filings from more than 500 sources. Attorneys can combine that data with the internal information they keep in services such as Google Drive.
Earlier this month, Harvey launched a tool that enables customers to build custom AI agents atop its platform. For example, a law firm could create an agent that generates document summaries in compliance with an internal style guide. Harvey says that customer-created automation workflows can also complete more complicated, multi-step tasks. The company’s engineers assist users with the agent development process.
Harvey says that more than 25,000 agents have been built on its platform to date. The company will use the proceeds from the Series C round to enhance its custom agent features and grow the embedded engineering teams that support its customers’ AI efforts.
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