Harvey

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• neutral fact_claim Unattributed

  Case Text was launched with OpenAI and is powering co-counsel now for Thomson Reuters, right? And Case Text was sitting at like $30, $35 million of ARR and hitting profitability three years ago and not having to spend all that money getting clients.

• bearish prediction Unattributed

  Harvey today, spending on the side of a building, if they have the right business, the right team, but maybe they blow through the capital and they're like, wow, we spent $10 million on advertising that we could have just put into the product and sales team.

• neutral assessment Unattributed

  I think, money doesn't mean that you've, like, won.

• neutral fact_claim Unattributed

  the side of a building, 40 stories tall, was a Harvey ad. And the ad said, Harvey, $15.5 billion valuation.

• neutral assessment Unattributed

  Harvey is still, I think that the jury's still out on Harvey.

• bullish fact_claim Unattributed

  Savvy Wealth announced their $100 million round today. And what they're doing for advisors is exactly that. People thought, well, wealth managers are going to go away. I've never believed that. I think people crave that personal one-on-one attention. But these wealth managers are made 10 times better. And the numbers they're giving us that we have checked is they're getting 19 hours of time back in their week, every week, to do what they want to do most, which is serve clients. And so by doing t

• neutral fact_claim Unattributed

  I think the companies that they've invested in, like Harvey, I think they may have seeded it. But Sequoia led the A, and I think another big firm did the Series B.

• bullish assessment Alex Wilhelm

  First up, Harvey AI. We talked about earlier how AI has seen a lot of promise in the developer space. Well, also in the legal space. What does a lot of writing and ingesting the documents? The legal profession. Ergo, AI is going to be a hot fit. Harvey AI reached 10 million ARR, I think it was last December. Don't know how big it is today. But a lot of investors at least can be very, very excited about what it is building. So I presume it's in quick growth this year as well.

• bullish assessment Alex Wilhelm

  And then finally, Harvey. It's the only vertical AI company on the list, but I was going back through a list of them, and Harvey said that it had tripled ARR in, like, the first couple quarters of this year. So to me, that is indicative of a company that has managed to take a new technology to an old vertical and crack the ARR code.

• neutral fact_claim Unattributed

  when we go into deals and things like that, especially with law firms, open AI doesn't come up very much, right? Copilot doesn't. But some of the law firms use this, but it's really like, we need a legal technology vendor because this is such a vertical industry.

• neutral fact_claim Unattributed

  we actually historically haven't had a big forward deployed motion. And so pretty much a hundred percent of our platform is things that we have built that we are selling to every customer.

• bullish prediction Unattributed

  I imagine that's going to be similar of what happens with these in-house legal departments. Most of the, how do you optimize your legal spend is not going to be you deploy 10,000 super smart legal agents. It's going to be all the process management and the measurement connecting with law firms and things like that. And so I think that's the part where we don't see too many competitors working on that.

• bullish assessment Unattributed

  change management, the training, ways to deliver these services in new ways. And so that part feels like, you know, that's very differentiated. The horizontal players won't build that.

• bullish assessment Unattributed

  we don't see the kind of the value we provide as a company as long-term the individual assistant, but this creates friction as you want to like sell into these organizations. But eventually what we need to provide and is our value prop that I think will be very different than what the foundation models provide is like, what we really need to sell to law firms is here is how you create a more profitable law firm.

• bullish assessment Unattributed

  I think for us, the interesting question is figuring out how to balance these parties. And so one of the big problems we want to solve is there is inherent tension of selling to both sides of this marketplace. And what we're starting to figure out with law firms and their clients is the ideal win here is we can find a model where for law firms, we can make them more profitable on this platform and for their clients, they can also benefit. And I think sometimes when people look at this, they say,

• bullish fact_claim Unattributed

  we actually started outside the US. And so we worked with a lot of the large European law firms. Now we're in over 50 of the AMLA 100. So kind of the top 100 firms and kind of a combination of a lot of the really large US ones, and then a lot of the really large international ones. Mid-market is growing pretty quickly. And so we're starting to sell to smaller law firms and then enterprise kind of the clients of these law firms, private equity and fortune 500 is also growing pretty quickly.

• bullish fact_claim Unattributed

  the good news is that growth has been really, really impressive at the company. You guys scaled from, I think it was 50 million ARR kind of at the end of last year, up to 100 million ARR this August. And I know you guys have, I think around 500 law firms that are clients.

• bullish assessment Unattributed

  I would think of the problem we're solving and the model here is, what are all the industries where you have advisors to companies and the big technical problem that you need to solve is as a company, I need to share my sensitive data with this advisor so they can operate on that data. And this is investment banking, consulting, tax, audit, HR compliance, maybe insurance a bit. And so I think this expands to kind of a bunch of these different industries.

• bullish fact_claim Unattributed

  Yeah, we're actually already doing this in some adjacent industries. And so we do this for tax, for example.

• bullish prediction Unattributed

  what the clients eventually are going to want is I have one legal model and it won't probably be a single LLM. It'll be some complicated LLM system that has access to all of my company's legal data. And it connects to all of my different law firms. And it can learn from the work that all of my law firms and eventually professional service providers are doing for me.

• neutral fact_claim Unattributed

  I think it was in May of this year, you guys added models from Anthropic and Alphabet to the product, kind of giving yourself a multimodal approach to the market.

• neutral fact_claim Unattributed

  we've been doing all these partnerships with iManage, Netdocs, kind of the document management systems of the law firms... we're fully eyes off. We never use any of our client data... the infrastructure we need to build for law firms is how do they partition all of that data... we're starting to have some of those conversations.

• neutral fact_claim Gabriel Pereyra

  we're starting to work with, for example, the Supreme Court in Singapore.

• neutral fact_claim Gabriel Pereyra

  the core business now is more corporate law. And that's where the challenges are much more difficult because most of that data is not public, right? If you think of what these very large law firms are doing for corporations, it's, I have a massive litigation, I want to do a very large acquisition. Most of the data you're working there is very sensitive client data that actually never goes into the public models. And so a lot of that is missing. And then the thing that you mentioned we did with O

• bullish assessment Gabe Pereira

  what we're seeing increasingly is when these large private equity firms or enterprises buy Harvey, they're starting to ask their law firms to also buy it so they can work together. And so I think we're starting to see a bit of this network effect from that.

• neutral fact_claim Gabe Pereira

  one of the massive challenge that these large law firms have is how do you manage all of these different client projects? And so if you're one of these large law firms, you're doing tens of thousands of client matters. You have millions of historical client matters and you need to make sure all that data is separate. And so there's a massive part of the product that I think doesn't get seen as much is all of the governance and admin controls you need.

• neutral fact_claim Gabe Pereira

  I think the big challenge for legal was there didn't exist this kind of single workspace where you could work on these client matters. And so a lot of what we've been building in the past three years is how do we build a single workspace where either a lawyer or an agent could perform a client matter, whether it's a litigation, an M&A, end to end.

• bullish assessment Alex

  You have heard of this company. It's worth a lot of money. It's growing very quickly.

• mixed assessment Chamath Palihapitiya

  legal super wizard for law firms yeah and my partners and i were debating it and what we thought of was well how much do you pay out of the 800 or thousand dollars an hour that you charge to harvey.ai maybe you're willing to pay five percent or ten percent but then the reality is that one of the most powerful things it does is is able to go into westlaw find all these cases and say yeah this is germane to the thing that you're working on right now that's a very useful thing but the n plus first

VentureSignalScore 47.4/100 for harvey, composed from 1 of 4 components (emerging formula), discounted ×0.79 for 30% signal coverage