Harvey AI in Talks for $250M Funding Round at $5B Valuation
Legal tech startup Harvey AI is reportedly negotiating a new funding round of over $250 million, led by Kleiner Perkins and Coatue. This round could value the company at $5 billion, according to a Reuters report citing anonymous sources.
The news comes just three months after Harvey AI secured a $300 million Series D funding round led by Sequoia Capital. Sequoia is also expected to participate in this new round. The report suggests investor interest is driven by Harvey AI's rapid market traction.
Harvey AI provides generative AI tools for lawyers and law firms, streamlining tasks like legal research, document creation, and data analysis. The company reportedly achieved an annualized run-rate revenue of $75 million in April.
This potential funding round follows Harvey AI's recent announcement of its expanded use of AI models from Anthropic and Google, in addition to the models it already utilizes from its backer, OpenAI. The report did not specify if the OpenAI Startup Fund, an early investor in Harvey AI, would also participate in this round.
Harvey AI, Coatue, Sequoia, and Kleiner Perkins have not yet responded to requests for comment.
This rapid growth and significant investor interest highlight the increasing adoption of AI in the legal sector.
