Legal AI platform Harvey has raised $300 million in a Series E funding round, pushing its valuation to $5 billion.
The startup plans to use the funds to double its headcount and reach clients in adjacent sectors like tax accounting.
Legal AI startup Harvey has bagged a $300 million Series E funding round, catapulting its valuation to $5 billion.
The raise, reported by Fortune on Monday (23 June), brings Harvey’s total funding to over $700 million.
Kleiner Perkins and Coatue are leading the round, which also includes Sequoia, Open AI Startup Fund and REV, the venture capital arm of LexisNexis owner RELX Group.
Growth plans
Founded just three years ago, Harvey’s general legal AI platform now boasts clients in more than 50 countries. Its client list spans big-name players on both sides of the Atlantic including A&O Shearman, Macfarlanes and Paul Weiss, as well as in-house legal teams at KKR and PwC.
The new funding will go towards continuing the startup’s meteoric growth, with plans to double headcount, continue global expansion, and reach clients in related sectors such as tax accounting, according to Fortune.
The announcement comes just days after Harvey announced it had teamed up with LexisNexis to integrate US legal content and case law directly into the platform, in a move that's expected to give it an edge in the increasingly competitive legal AI market.
Bigger picture
Harvey’s Series E comes as the legal AI arms race continues to heat up, especially between Harvey and European rival Legora.
Stockholm-based Legora now claims over 250 law firm clients across 20 countries, having been steadily announcing tie-ups with major firms in recent months, most recently DWF last week.
In May, Legora raised $80 million in Series B funding at a valuation of around $700 million.
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