Harvey AI, specializing in AI-powered legal automation, has successfully raised $300 million in Series E funding, elevating its valuation to $5 billion. The funding round was jointly led by Kleiner Perkins and Coatue, with participation from existing investors.
This financial boost arrives just four months after a previous $300 million Series D round led by Sequoia, which valued the company at $3 billion. Harvey AI intends to use the new funds to expand its team significantly, planning to double its current workforce of 340 employees.
The expansion aims to support the development of AI products for professional services beyond the legal field, including tax accounting. Currently, Harvey AI's solutions are utilized by 337 legal clients to assist in document review and contract drafting. The company has experienced rapid growth, reaching an annualized run-rate revenue of $75 million in April, up from $50 million earlier in the year.