Sequoia Capital plans to lead a $300 million investment in legal AI startup Harvey, doubling its valuation to $30 billion.

According to sources, Sequoia Capital is in talks to lead a $300 million financing round for the artificial intelligence startup Harvey, which would bring the company's valuation to $3 billion. This funding round would more than double Harvey's valuation, putting it among the billion-dollar-worth start-ups. Harvey develops generative AI tools for law firms and is one of many companies raising hundreds of millions of dollars to reshape existing industries with artificial intelligence. According to PitchBook, the San Francisco-based startup Harvey has raised over $2 billion to date. Its investors include the OpenAI Startup Fund, GV, Elad Gil, and Kleiner Perkins. Sequoia Capital first invested in Harvey in 2023. A source disclosed that Coatue Management will join this funding round as a new investor. Harvey operates in a crowded field, competing with other well-funded legal AI companies like EvenUp Inc. and Robin AI. CEO Winston Weinberg previously stated that Harvey's official name is Counsel AI Corp, named after the protagonist of the legal drama "The Practice".