The company’s payment processing business helped push its annual recurring revenue above $200 million ahead of its latest funding round. According to TechCrunch, Clio reached that milestone with positive EBITDA, or earnings before interest, taxes, depreciation and amortization.

Harveyai

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Harvey competes in a different part of the market than Clio. Its namesake cloud platform uses large language models to help attorneys more quickly review legal documents. It also automates several related text processing tasks.

Clio and Harvey, two fast-growing startups that sell software for legal professionals, have raised $1 billion in combined funding to expand their market presence.

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Harveylegal

The company also sells software for law firms’ marketing teams. Clio Grow can be used to create a website for a law firm, run search engine ads to advertise the website and measure which marketing methods are most effective at winning over clients. The application also includes a built-in customer relationship management system that legal professionals can use to store data about sales opportunities.

HarveyAI competitors

The choice between a 4-flute and a 2-flute ball nose end mill depends on various factors, including the specific machining requirements, material being machined, and the desired outcome. Both types of end mills have their advantages and disadvantages, and the selection depends on the application. Here are some considerations for choosing a 4-flute ball nose end mill over a 2-flute one:

HarveyAI founders

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HarveyAI funding

Besides Alphabet’s GV fund and OpenAI, the $100 million round that the company announced today included contributions from Kleiner Perkins, Sequoia Capital, Elad Gil and SV Angel. Harvey is now valued at $1.5 billion. The company claims to have tripled its annual recurring revenue and doubled its headcount since its last funding round last December.

Clio generates revenue from not only software subscriptions but also payment processing. The company provides client billing features as part of its application portfolio and charges a fee for every transaction that law firms complete. According to Clio, it has processed billions of dollars worth of transactions since 2022.

The company will use the new capital to expand its international presence. In parallel, Clio plans to enhance its application portfolio with a focus on payment processing and artificial intelligence features.

HarveyAI demo

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Clio’s round was led by New Enterprise Associates, which provided more than $500 million of the $900 million haul. The rest came from Goldman Sachs Asset Management, Sixth Street Growth, Alphabet Inc.’s CapitalG startup fund and Tidemark. TechCrunch reported that the raise included a “substantial” secondary financing component, which allowed employees and investors to sell some of their shares.

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Harvey’s LLMs can extract key information from trial transcripts, draft responses to legal questions posed by a firm’s clients and scan contracts for errors. Moreover, it can help legal teams find legal documents with which to back up their court arguments. Harvey’s platform includes citations in each prompt response to help users verify the accuracy of the provided information.

Rounding out Clio’s software portfolio is an application called Clio Manage. Like Clio Grow’s built-in CRM system, it’s designed to help law firms manage their internal data, but focuses on information related to legal cases rather than sales opportunities. The application can store all the documents related to a case in one place, as well as maintain a log of which employee changed which record and when.

HarveyAI pricing

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Clio, officially Themis Solutions Inc., sells a suite of cloud applications that law firms use to manage their business operations. One application, Clio Accounting, helps law firms’ finance teams carry out their day-to-day work more efficiently. Clio Draft is a tool for turning legal documents into templates that can be reused across projects.

Surface Finish:4-flute end mills generally produce a smoother surface finish compared to 2-flute end mills. This is because the additional flutes allow for more points of contact with the material, resulting in a finer finish. If achieving a high-quality surface finish is critical to your application, a 4-flute ball nose end mill may be preferable. Chip Evacuation:The increased number of flutes in a 4-flute end mill provides more efficient chip evacuation. This is particularly beneficial when working with softer materials or in applications where chip evacuation is a concern. Improved chip evacuation can reduce the risk of chip recutting and enhance overall machining efficiency. Rigidity and Stability:4-flute end mills generally offer better rigidity and stability during machining compared to 2-flute end mills. This can be advantageous when dealing with tougher materials or when higher cutting forces are involved. The additional flutes distribute the cutting forces more evenly, leading to improved stability and reduced deflection. Material Removal Rates:In some cases, 4-flute end mills can achieve higher material removal rates due to their increased chip load capacity. This makes them suitable for roughing operations where the goal is to remove material quickly. Feed Rates and Speeds:The choice between 4-flute and 2-flute end mills may also depend on the specific feed rates and cutting speeds you plan to use. 4-flute end mills often allow for higher feed rates while maintaining effective cutting speeds. Application Specifics:Consider the specifics of your machining application. If you are working with softer materials, require a smooth surface finish, or prioritize chip evacuation, a 4-flute ball nose end mill might be more suitable. On the other hand, for certain applications, a 2-flute end mill may be preferred.

Clio disclosed this morning that it has closed a $900 million Series F round at a $3 billion valuation. In conjunction, Harvey announced that it has secured $100 million from an investor consortium led by Alphabet Inc.’s GV startup fund. OpenAI participated as well.

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Harvey will use the new capital to continue adding employees with a focus on growing its engineering team. The new developers will support the company’s efforts to integrate more LLMs into its platform. As part of the same development initiative, Harvey will collect training data to facilitate the development of new AI models optimized for legal tasks.