Harvey Investment
Drafting legal docs, comparing NDAs, searching across thousands of pages of text, assembling repetitive reports— these tasks define the daily grind for many knowledge workers.
For a decade, traditional SaaS gradually chipped away at the inefficiencies of these workflows. However, solutions have been incremental – they drive small productivity gains vs. actually producing the work.
Harvey is turning this dynamic on its head, seeking to transform work with AI that completes the task vs. just adding another layer of SaaS. Harvey started with AI targeting traditional legal workflows, where >20M global legal professionals across firms and corporates can harness Harvey’s platform to automate time-intensive tasks across legal drafting, contract analysis, document reviews, and more. We view this as an application of LLMs at their best: text in, text out.
Over the last two years, we’ve followed Harvey closely and have spoken to more than 50 law firms and corporates, repeatedly hearing quotes like this:
“Harvey can help you get work done very quickly, and I’d recommend it for the same reasons that I think AI is generally a valuable tool in the legal field… a week’s worth of work can be done in a day now.”
“We’re seeing what we wanted in terms of people reducing the amount of time that they spend on automatable tasks allowing them to spend more time with our business and be more strategic. What we’re estimating is even an occasional user could save ¼ of their time on tasks that leverage Harvey."
“Even on a small-scale pilot, we’re already seeing a reduction in time spent on contracts of 25% for occasional users, and up to 75% for more active users.”
Legal alone is a massive TAM - $800Bn is spent globally on legal services each year. But we believe Harvey’s TAM is larger; Harvey is extending its platform beyond legal to use cases in accounting, consulting, and other professional services. We already hear customers itching for this kind of expansion:
“Harvey has the opportunity to both expand horizontally (more users) and vertically (for broader tasks) as we explore more use cases for the product.“
“We are slowly increasing its deployment and so far everyone who touches it, loves it… We’re also offering it to administrative department leadership in addition to lawyers.”
We are thrilled to support founders Gabe Pereyra and Winston Weinberg and the rest of the team at Harvey as they build the AI Platform for Professional Services.
Read more about the round here.
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