Harvey AI: What We Know About The AI Startup So Far

Harvey AI is a generative artificial intelligence startup designed to serve the legal profession. Its platform aims to support legal workflows by leveraging AI to assist with tasks such as contract analysis, due diligence, and research.

AI startup Harvey, established by Gabriel Pererya and Winston Weinberg, created Harvey AI, a tailor-made large language model designed to support lawyers by addressing client concerns across different practice areas, jurisdictions, and legal frameworks.

What Does Harvey AI Do?

Harvey AI integrates generative AI capabilities, akin to those found in ChatGPT, but with a specialized focus on legal applications. It starts with a foundation of general internet data and enhances its capabilities with legal-specific datasets, including case law and reference materials. Law firms can further customize Harvey AI's functionality by training it with their own documents and templates, akin to onboarding a new employee.

Core Functions That Harvey Claims To Handle

• Contract Analysis: Harvey AI simplifies the process of reviewing contracts by identifying critical elements and potential issues.
• Due Diligence: The platform aids in the meticulous examination of documents and data pertinent to legal assessments.
• Litigation Assistance: Harvey AI offers support in litigation by providing insights into legal precedents and strategies.
• Regulatory Compliance: It assists firms in navigating the complex landscape of regulatory documents and compliance requirements.

The Broader Impact

The introduction of platforms like Harvey AI into the legal profession suggests a shift towards more technologically integrated legal practices. These tools promise to enhance efficiency and accuracy in routine tasks, potentially leading to cost savings for clients and allowing lawyers to focus more on complex, value-added activities.

Considerations and Challenges

Despite the potential advantages, the integration of AI in legal practices warrants careful consideration of factors such as accuracy, ethical implications, and the security of sensitive information. Harvey AI's ongoing development and beta status highlight the importance of thorough evaluation and responsible implementation within legal frameworks.

Harvey AI represents a growing trend of applying AI to specialized fields like law. With its recent Series B funding, the company is poised for further development and expansion. As the legal industry continues to explore and adopt AI solutions, platforms like Harvey AI could play a significant role in shaping future legal workflows, albeit with necessary caution and oversight to ensure they complement the expertise of legal professionals.

Harvey AI's Funding and Investments

Series B Funding Round

Recently, Harvey AI announced a significant milestone in its growth trajectory: a $80 million Series B funding round. This infusion of capital has elevated the company's valuation to $715 million. The funding round saw contributions from prominent investors including Elad Gil, Kleiner Perkins, and participation from OpenAI's startup fund, which is behind the widely recognized ChatGPT AI chatbot. Sequoia, a leading venture capital firm, also played a key role in this financial round.

Importantly, there are multiple different general purpose AI tools in the field for lawyers, and we cover those in detail in our video on AI models for law.

Historical Funding

This latest round follows Harvey AI's $21 million Series A funding secured in April, bringing the total investment in the company to over $100 million. The consistent financial support underscores the market's interest and belief in Harvey AI's potential to impact the legal sector.

Further Reading

To learn more about how you can use AI in your practice, see 5 AI Tools Lawyers Can Use Today or follow @dorna_at_ gavel on Instagram, Twitter, or TikTok.