Sequoia Capital: Legal AI Startup Harvey Set to Double Valuation to $3 Billion

(Bloomberg) -- Sequoia Capital is in talks to lead a $300 million funding round for artificial intelligence startup Harvey, a deal that would value the company at $3 billion, according to people familiar with the matter. The funding round would more than double's Harvey's valuation, vaulting it into the ranks of multibillion-dollar startups. Harvey, which develops generative AI tools for law firms, is one of a number of companies raising hundreds of millions to try to remake existing industries with AI. Sequoia declined to comment. A representative for Harvey didn't immediately respond to a request for comment. The San Francisco-based startup has raised more than $200 million to date, according to PitchBook data. Its investors include the OpenAI Startup Fund, GV, Elad Gil and Kleiner Perkins. Sequoia first invested in Harvey in 2023. Coatue Management is set to join the current funding round as a new investor, said one of the people familiar with the matter, who asked not to be identified discussing private information. Coatue declined to comment. Harvey operates in an increasingly crowded space, competing with other well-funded legal AI companies like EvenUp Inc. and Robin AI. Harvey, officially known as Counsel AI Corp., is named after the lead character of the legal drama Suits, Chief Executive Officer Winston Weinberg previously told Bloomberg. (Updates to add context starting in the first paragraph.) ©2025 Bloomberg L.P.