Harvey has closed a new $150 million funding round led by Andreessen Horowitz valuing the San Francisco-based legal AI startup at over $8 billion, according to three sources close to the deal.

The valuation of the startup, which provides law firms like A&O Shearman and Ashurst and funds like KKR and Bridgewater with artificial intelligence tools, has more than doubled in the last year. Named after the character Harvey Specter from the TV drama Suits, Harvey last raised in June at a $5 billion valuation, just four months after raising on a $3 billion valuation. It’s been honored by Forbes’ AI 50 list of the most promising AI startups since 2023, and was on Forbes Next Billion-Dollar Startups list that year.

Harvey declined to comment. Andreessen Horowitz did not respond to a request for comment.

The three-year-old startup has now raised a total of more than $1 billion, including the new round, outstripping its rivals in terms of valuation and fund raising. But increasingly it’s up against a crowded market for legal AI tools. Harvey is going head to head with Swedish startup Legora, which Forbes reported in September is in talks to raise at a $1.8 billion valuation, to win over Big Law firms. There’s also an older crop of legal tech startups like Luminace, Clio and Ironclad trying to woo law firms and corporate general counsel. Startups have also raised big rounds to chase legal niches, like EvenUp’s tools for personal injury lawyers and Finch’s focus on paralegals.

Thomson Reuters, which owns case law database Westlaw, last year snapped up Casetext, another Harvey rival, in a $650 million deal. Harvey is backed by the investment arm of $85 billion (market cap) publishing group RELX, which owns legal database LexisNexis. Harvey signed a deal with LexisNexis in June.

Harvey’s cofounder and CEO Winston Weinberg told CNBC in August that the company was generating more than $100 million in annual recurring revenue, or ARR. That’s double the revenue that Reuters reported the company was making at the time of its February 2025 fund raise at a $3 billion valuation.

The company was founded in 2022 by Weinberg, then a junior lawyer with O’Melveny & Myers, and his friend and former DeepMind researcher Gabe Pereyra.