Harvey reportedly in discussions to raise $250M at $5B valuation

In Brief

Legal tech startup Harvey is successful discussions to rise much than $250 cardinal successful a backing circular led by Kleiner Perkins and Coatue that would worth it astatine $5 billion, Reuters reported, citing anonymous sources.

Sequoia Capital, which led the startup’s $300 cardinal Series D conscionable 3 months ago, is besides expected to put successful this caller round, Reuters reported, adding that investors are mostly drawn to the startup’s speedy traction successful the market.

Harvey has enjoyed accelerated maturation arsenic lawyers and ineligible firms astir the satellite find ways to usage generative AI tech to simplify research, documentation, and rapidly analyse their data. The institution recorded annualized run-rate gross of $75 cardinal successful April, Reuters reported.

The quality comes conscionable a mates days aft Harvey said it would commencement utilizing AI models from Anthropic and Google, adding to the models it uses from its backer, OpenAI.

The study did not notation if the Open AI Startup Fund, which backed Harvey aboriginal successful its life, would besides put successful this round.

Harvey, Coatue, Sequoia, and Kleiner Perkins did not instantly instrumentality requests for comment.

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