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Source: Bloomberg
Summary
Harvey, a software company, has raised $150 million in funding, reportedly valuing the company at $3.6 billion. The funding follows a previous announcement of $190 million in annual recurring revenue in December.
Our Reading
The launch follows a familiar script.
Harvey, a company that’s been making noise about its impressive growth, has snagged another big chunk of change. This time, it’s $150 million from investors, valuing the company at a whopping $3.6 billion. The company’s growth is reportedly fueled by its software solutions, which seem to be resonating with customers. But we’ve seen this story before – a company raises a bunch of cash, touts its valuation, and then… nothing. We’ll see if Harvey’s growth is more than just hot air.
The company’s software solutions are apparently the key to its success, but we’re not exactly sure what those solutions do or how they work. And with a valuation this high, you’d think Harvey would be able to provide some concrete examples of its achievements. But so far, we’re just getting vague promises of “unlocking new growth opportunities.” Yawn.
Original observation: It’s another AI-powered “revolution” that’s just a rebranding of existing ideas.
Author: Evan Null
