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Harvey AI in Talks to Raise $250M at $5 Billion Valuation Amid Explosive Growth

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Harvey AI, a rising star in the generative AI space for legal services, is in advanced talks to raise over $250 million in new funding at a valuation of $5 billion, according to sources familiar with the matter. The round is being led by Kleiner Perkins and Coatue, with Sequoia Capital expected to increase its stake as well.

The proposed round marks a rapid jump in valuation from $3 billion just months ago, reflecting Harvey’s surging revenues and growing market dominance in the AI-for-legal sector.

Key Financial and Strategic Highlights

  • 📈 Annualized Revenue Run Rate:

    • $75 million in April 2025, up from $50 million earlier this year — a 50% increase within months.

  • 💼 Client Base:

    • Major growth fueled by partnerships with PwC and sales to in-house corporate legal teams.

  • 🧠 AI Platform:

    • Initially built on a custom OpenAI model, Harvey now integrates Anthropic and Google’s foundation models to broaden its capabilities.

  • 🧾 Core Services:

    • Document review, contract drafting, legal research, and specialized modules like M&A compliance.

Founded in 2022, Harvey has quickly risen to become one of the most prominent legal tech startups, capitalizing on the legal industry’s push toward automation, efficiency, and digital transformation.

“Harvey is proving that AI isn’t just compatible with legal work — it’s redefining the future of the legal profession,” said one person familiar with the company’s pitch, requesting anonymity.

The VC Legal Tech Gold Rush

Investor interest in Harvey reflects a broader trend:

  • 📊 Legal tech startups raised $2.1 billion globally in 2024.

  • 💰 February 2025 marked one of the highest VC investment months in U.S. legal tech history.

  • 🧑‍⚖️ Goldman Sachs estimates that up to 44% of legal work could eventually be automated — a stat that’s driving unprecedented VC confidence in legal AI platforms like Harvey.

The deal, once finalized, will deepen Kleiner Perkins’ commitment to Harvey, following its co-lead of the $80 million Series B round in December 2023.

This surge in funding highlights how generative AI is rapidly transforming even the most conservative sectors, with legal tech emerging as one of 2025’s hottest investment frontiers.

Anthropic Unveils AI for Science Initiative to Help Researchers Speed Up Their Work

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Anthropic has launched a new initiative called the AI for Science programme, designed to help accelerate scientific research and discovery. This program focuses especially on projects related to biology and life sciences, offering support to researchers who are working on high-impact scientific endeavors. Anthropic plans to provide selected participants with free API credits, enabling them to use the company’s AI technology to enhance their research capabilities. The announcement follows closely after the release of Anthropic’s Research feature within its AI assistant, Claude.

The AI for Science programme is backed by Anthropic’s public benefit corporation, emphasizing the potential of generative AI to transform scientific workflows. By leveraging AI, researchers can analyze complex data more efficiently, generate new hypotheses, design and simulate experiments, and synthesize results to extract meaningful insights. Anthropic aims to empower scientists by reducing the time and effort typically required for these tasks, ultimately speeding up the pace of discovery.

Eligible researchers affiliated with recognized institutions can apply by submitting a detailed application form. Anthropic’s team, alongside experts in relevant fields, will review submissions on a monthly basis and select promising projects. Those chosen will receive substantial API credits — potentially up to $20,000 worth — to access Anthropic’s advanced AI models. The selection criteria focus on the applicant’s scientific contributions, the anticipated impact of the research, and how effectively AI can accelerate their work.

Importantly, all applications will go through a biosecurity review to ensure the projects do not contribute to harmful or dangerous outcomes. This reflects Anthropic’s commitment to responsible AI use, especially given the power of AI in scientific research. By combining cutting-edge AI with careful oversight, the AI for Science programme aims to foster innovation while maintaining ethical standards in the scientific community.

Jeff Bezos Leads $72M Investment in AI Data Firm Toloka to Fuel U.S. Expansion

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Jeff Bezos, through his personal firm Bezos Expeditions, is leading a $72 million funding round in Toloka, an AI data solutions company aiming to scale its global presence, particularly in the United States, Toloka told Reuters on Wednesday.

Toloka specializes in training and evaluating AI models using a global network of human experts and testers, providing high-quality data labeling and validation. The company is part of Nebius Group (NBIS.O), an AI infrastructure firm listed on Nasdaq and formerly affiliated with Russian tech giant Yandex.

The investment marks a significant milestone for CEO and founder Olga Megorskaya, who said the funding would accelerate product development by fostering collaboration between AI agents and human experts.

“There will always be the need for control, verification, and help from human experts to ensure that the result is actually of high quality,” she said.

Strategic Backing and Global Shift

The deal comes after Nebius successfully split from Yandex in a $5.4 billion exit from Russia, the largest corporate withdrawal since the 2022 Ukraine invasion. The restructuring allowed Nebius and Toloka to pursue Western capital without violating sanctions.

Other notable participants in the round include Mikhail Parakhin, CTO of Shopify, who will also serve as Toloka’s executive chairman. Parakhin emphasized the urgent global demand for trusted AI data solutions.

In late 2023, Nvidia invested in a $700 million private placement in Nebius, highlighting growing institutional interest in AI infrastructure and tools.

With this latest funding round:

  • Bezos Expeditions and other new investors gain equity

  • Nebius retains a majority economic stake, but gives up majority voting control, enabling Toloka to operate independently

  • A future funding round is anticipated, Megorskaya said

The investment underscores a broader trend of scaling AI companies focused on high-quality data pipelines, as tech giants like Amazon, Microsoft, and Anthropic increasingly rely on curated training datasets for safe and effective AI model development.