Legal technology startup Harvey is in advanced discussions to secure more than $250 million in its latest funding round, which could value the company at approximately $5 billion. The round is reportedly being led by prominent investors Kleiner Perkins and Coatue, according to anonymous sources familiar with the matter.
Further investment is also anticipated from existing investor Sequoia Capital, which only three months ago led Harvey’s sizable $300 million Series D financing round. Sources indicate that investors have been attracted by Harvey’s rapid market adoption and impressive growth trajectory.
Harvey has quickly found favor with law firms globally, thanks to its generative artificial intelligence (AI) solutions designed to simplify legal research, streamline documentation, and swiftly analyze extensive data sets. As of April, the company’s annualized run-rate revenue reached $75 million.
This latest funding news emerges shortly after an announcement from Harvey regarding its expanded use of AI technologies. Recently, the firm disclosed its intent to incorporate AI models from Anthropic and Google, complementing its ongoing partnership with early investor OpenAI. However, it remains unclear if the OpenAI Startup Fund plans to participate in this current fundraising effort.
Requests for comment made to Harvey, Coatue, Kleiner Perkins, and Sequoia Capital were not immediately returned.
