Harvey Funding Leads $450 Million Legal Tech Investment Week

Three legal techs, including Harvey, have announced more than $450 million in combined funding deals this week, an indicator of continued strong investor interest in companies that create tools to make lawyers more productive.

The funding deluge—led by Harvey, Eudia, and SpotDraft—shows venture capitalists are betting that artificial intelligence will revolutionize the legal sector. The three startups are all developing AI tools for lawyers.

Ron Friedmann, a Gartner Inc. analyst, said the legal industry is adopting artificial intelligence much faster than it did in previous tech leaps, like the internet and personal computers.

“Nothing has grabbed the market interest and ...