Harvey AI, known for providing AI automation tools for the legal industry, has raised $300 million in a Series E funding round that values the company at $5 billion, according to Fortune. The round was co-led by Kleiner Perkins and Coatue, with additional backing from Conviction, Elad Gil, OpenAI Startup Fund, and Sequoia.
This latest raise comes only four months after Harvey closed a $300 million Series D at a $3 billion valuation, signaling strong investor confidence in its rapid growth trajectory.
Unlike many AI startups that aim to minimize headcount, Harvey is aggressively expanding. It currently employs about 340 people and intends to double that number to build out new AI-driven products for legal and adjacent professional services like tax accounting.
The company's AI systems help lawyers review documents and draft contracts, serving 337 legal clients to date. Revenue has been climbing quickly as well, with a reported annualized run-rate of $75 million as of April, up from $50 million earlier in the year, according to Reuters.
This funding round strengthens Harvey’s position against older legal tech competitors such as Ironclad and Clio, both valued at around $3 billion in previous raises.
For full details, read the Fortune coverage here and Harvey’s official announcement here.