Harvey AI, a startup that gives automation for authorized work, has raised $300 million in Collection E funding at a $5 billion valuation, the corporate instructed Fortune. The spherical was co-led by Kleiner Perkins and Coatue, with participation from current buyers, together with Conviction, Elad Gil, OpenAI Startup Fund, and Sequoia.
The financing comes simply 4 months after Harvey introduced that Sequoia led a $300 million Series D spherical at a $3 billion valuation.
Whereas many AI firms goal to maintain headcount low, Harvey is quickly increasing its employees. The three-year-old startup already employs 340 folks and plans to double that quantity with its recent funds, Fortune reported. A number of the new employees will probably be employed to assist Harvey construct AI merchandise for skilled providers past authorized, together with tax accounting. The corporate’s AI options, which help legal professionals in reviewing paperwork and drafting contracts, are utilized by 337 authorized shoppers.
Harvey has been rising at a speedy clip, reaching an annualized run-rate income of $75 million in April, up from $50 million earlier within the 12 months, Reuters reported final month.
A few of Harvey’s rivals embody older authorized startups, resembling 10-year-old Ironclad and 17-year-old Clio, which raised a $300 million round at a $3 billion valuation final 12 months.