Legal AI startup Harvey valued at $11 billion in funding round, as VCs spread bets beyond model companies

Harvey, a legal AI startup founded in 2022, raised $200 million at an $11 billion valuation to deploy AI technology in specialized legal and professional services markets. The company uses AI tools to help lawyers with contract analysis, compliance, and other complex tasks, serving over 100,000 lawyers across more than 1,300 organizations. Harvey's funding reflects growing investor confidence that specialized AI applications, not just foundational AI models (the underlying systems that power AI tools), can capture significant business value.