Legal AI startup Harvey secured fresh funding as investors back its rapid growth and expanding role in transforming legal services.

Harvey, a legal AI startup, has raised $200 million in new funding at a valuation of $11 billion, which represents another significant milestone for the rapidly expanding business as artificial intelligence continues to transform the legal services sector.

Harvey, which was founded in 2022, creates AI technologies for legal and professional services that help organizations in streamlining work related to contract analysis, compliance, due diligence and litigation. According to the company, over 100,000 lawyers from 1,300 organizations already use its solutions.

Only a few months after Harvey obtained capital at a $8 billion valuation in December, Singapore's GIC and Sequoia spearheaded the most recent funding round. Sequoia has now led three of Harvey's fundraising rounds, demonstrating its continuing commitment to the company's potential for long-term success.

Gabe Pereyra, a former research scientist at Google DeepMind and Meta and CEO Winston Weinberg, a former lawyer, co-founded Harvey. After the two experimented with OpenAI's GPT-3 model and found chances to apply advanced AI to legal operations, the company was established.

Major international law firms and large enterprises like NBCUniversal and HSBC are among Harvey's clients. The company's annual recurring revenue increased greatly from $100 million in August to $190 million in January.

Harvey's AI agent skills, which are intended to carry out activities autonomously on behalf of users, will be enhanced with the additional funding. Also, the company intends to expand its integrated legal engineering teams globally in order to facilitate wider adoption across corporate legal departments and companies.

Harvey is one of an increasing number of AI startups that have surpassed the $10 billion valuation threshold, indicating a high level of investor interest in businesses using generative AI in specialized and intricate industries like law.

Thus, Business Fortune views Harvey’s funding as a strong sign of AI’s rising role in legal services.