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Lots of upward opportunities in Legal AI. Thrive Data
Driving the Future of Law at Legaltech Hub | Legal AI, Legal Innovation, Legal technology | LLB, MBA | Fastcase 50, 2021 & 2024, ABA Women of Legal tech, 2022, Relativity AI Visionary 2024 | Adjunct Professor
Legaltech has reached an entirely new plane: Various articles yesterday revealed that Harvey has surpassed $50M in ARR and that the company is in talks to raise $300M in funding at a valuation of $3 billion. The Information reports that Harvey's $50M ARR number is up from about $10 million in ARR a year prior, which represents astonishing growth. It's also exceedingly rare for startups to hit this milestone: SAAS research data suggests that only 0.001% of startups hit $50M. The $3 billion valuation would make?Harvey?one of the biggest generative AI startups in terms of revenue, not just in legaltech but generally - almost as big as Perplexity. This follows Harvey's inclusion towards the end of 2024 on Fortune's list of top 50 AI innovators, alongside Meta, Microsoft, Anthropic, and OpenAI among others. I've been writing since Casetext appeared on NBC in 2023 that #Legaltech is hitting the mainstream. I think this clinches it. And guess what: that's a good thing for everyone! It's great for other legaltech vendors seeking funding, because it legitimizes the space and throws a spotlight on it; it's great for buyers because viable new products will get the funding that allow those companies to survive. Congratulations to Harvey - Exciting times ahead for our industry! #AI #GenAI #law #lawyers