Harvey raises another $550 million: valued at $15.5 billion, first in-house model based on Kimi K3

Beating AI News Flash: Legal AI company Harvey has completed a new $550 million funding round, reaching a valuation of $15.5 billion, co-led by Diffusion and Lightspeed. In March, it had just raised $200 million at a valuation of $11 billion. Harvey mainly provides AI tools for contract review, due diligence, litigation, and other tasks to large law firms and corporate legal departments.

This money will be focused on investing in its own models. In August, Harvey just launched its first post-trained model, Tenet, using Moonshot AI's Kimi K3 as the base model and continuing training with Fireworks for long-horizon legal tasks.

Harvey itself is also a company backed by the OpenAI Startup Fund, and it has previously co-trained legal models with OpenAI. Now, when performance is close, it will proactively choose cheaper base models.

Harvey's ARR has exceeded $400 million, with more than 3,000 customers, up from only 1,300 in March. The company's cumulative funding has now exceeded $1.5 billion.