Harvey, the dominant player in the AI-powered legal sector, recently made a splash with its acquisition of Hexus. This two-year-old industry startup is all about making new tools for fast and easy product demonstrations, product videos, and interactive product guides. With this latest move, Harvey is taking a smart step to bolster its appeal. This strategic move will further ensure its ascendance in the fast-paced and growing legal tech industry.
Established only two years ago, Hexus – previously known as Hexus Cloud – has built a quick-fire reputation as a key innovator providing IT solutions. The deal, which is to be announced on Wednesday, will give Harvey access to Hexus’s experience in building enterprise AI tools. This implementation comes as Harvey looks to address the increasing demands of in-house legal departments. Hexus founder Sakshi Pratap has come to Harvey with her San Francisco team members. She will lead an engineering team dedicated to quickly developing and launching Harvey’s product lineup.
Harvey’s client base has expanded exponentially, now serving more than 1,000 clients in over 60 countries. It is home to 7 of the top 10 US law firms. This simple truth speaks to its unquestionable power in dictating the direction of the legal industry. With the competitive race in legal tech ongoing, this acquisition will ensure Harvey is best equipped to continue providing valuable solutions to their clients.
In a recent funding round led by Andreessen Horowitz, Harvey raised $160 million, solidifying its valuation at $8 billion. Though these grants are significant, they’re only a piece of a much larger puzzle. To date, Harvey has raised $760 million across multiple closes, and they hope to scale to over $3 billion by 2025. The company was valued at $3 billion when it kicked off the year, making it one of the top examples of fast growth and bullish investor sentiment.
Harvey successfully draws in other big name investors, like T. Rowe Price and WndrCo. It boasts backing from legendary companies such as Sequoia Capital and Kleiner Perkins as well. Harvey’s OpenAI Startup Fund continues to be one of its largest financial backers.
Pratap was excited about the acquisition and what it would mean for Harvey’s trajectory.
“What we’re bringing to Harvey is deep experience building enterprise AI tools in adjacent problem spaces.” – Sakshi Pratap
With an eye on growing even more, Harvey is setting up an office in Bangalore. This step will add hundreds of India-based engineers to their workforce. This significant expansion will help propel its continued pursuit of developing and improving the world’s most smarter legal technology solutions.
Winston Weinberg, another principal at Harvey, talked about the radical impact AI could have across the legal market.
“That was the moment when we were like, wow, this entire industry can be transformed by this technology.” – Winston Weinberg