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Legal AI startup Harvey confirmed on Thursday that it has completed a funding round led by Andreessen Horowitz (a16z), following leaked news of the financing in October. The round successfully raised $160 million, catapulting the company's valuation to an astonishing $8 billion.
This major funding marks Harvey's explosive growth in value within just a few months:
February (Series D): Led by Sequoia Capital, raised $300 million, with a valuation of $3 billion.
June (Series E): Raised $300 million, with a valuation of $5 billion.
This round (Series F/Strategic): Led by a16z, raised $160 million, with a valuation of $8 billion.
Harvey's investor lineup is impressive, including EQT, WndrCo, Sequoia Capital, Kleiner Perkins, Sarah Guo's Conviction, and prominent long-term investor Elad Gil.
Harvey's rapid growth is a typical example of how venture capital can "make kings". This strategy involves VCs investing large sums into startups to quickly establish a strong financial image, encouraging large enterprise clients (such as law firms) to sign high-value contracts, ultimately creating a self-fulfilling prophecy that solidifies their market leadership.
As a legal tech company founded in 2022, Harvey is rapidly capturing the legal market. Given that the legal industry is entirely text-based, its core functions—search, summarization, and drafting—make it an ideal application for large language models (LLMs).
In September, before the latest round of funding, Harvey revealed key business developments:Customer base: Customers include 50 AmLaw 100 law firms, while also serving corporate legal teams.Revenue milestone: The company's annual recurring revenue (ARR) had already exceeded The first open-source robot rental platform, 'Jingtianzu,' was launched in Shanghai, promoting the development of robot services from scattered rentals to an ecosystem. The platform lowers the usage barriers through an innovative model, offering a convenient experience similar to shared power banks. It has covered 50 core cities, integrated over 600 service providers, and provides robot rental services with multiple brands and models. Apple and Purdue University have developed the DarkDiff technology, which enhances smartphone photography in extremely low light conditions by integrating a generative diffusion model into the camera image processing workflow. This technology processes raw image data directly, effectively solving issues such as detail blurring and artificiality caused by traditional night scene noise reduction, enabling the capture of clear details in the dark. xAI launches Grok Voice Agent API, providing real-time voice interaction capabilities to developers worldwide. This API is based on a mature voice technology stack and has been widely applied in Tesla vehicles and mobile applications. Its biggest highlight is extreme cost-effectiveness, with a connection cost of only $0.05 per minute, significantly lower than mainstream competitors in the market, helping developers build high-performance voice applications at a low cost. ByteDance launches the new generation audio-visual creation model Seedance 1.5 Pro, which supports generating audio-visual content guided by text or images, achieving technological upgrades in visual impact and motion effects, providing users with a richer audio-visual experience. Microsoft Copilot AI assistant is being integrated into more devices, with LG smart TV users discovering the app has quietly appeared on their TVs and cannot be uninstalled, leading to user complaints.Related Recommendations
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