Harvey AI just raised $300 million in a Series E round at a $5 billion valuation. The funding was co-led by Kleiner Perkins and Coatue, with participation from Sequoia, OpenAI Startup Fund, Elad Gil, Conviction, and others. The announcement came four months after Harvey’s $300 million Series D, which valued the startup at $3 billion.
The three-year-old legal AI startup is growing fast. It now has 340 employees and plans to double that headcount with this new cash injection. The company is expanding beyond legal AI tools, aiming at professional services like tax accounting.
Harvey’s AI helps lawyers review documents and draft contracts. It currently serves 337 legal clients. The startup’s revenue hit an annualized run rate of $75 million in April, up from $50 million earlier this year, according to Reuters. 
Harvey competes with established legal tech players like Ironclad, founded 10 years ago, and Clio, which raised $300 million last year at a $3 billion valuation.
Here’s what Fortune reported on the round and valuation:
Harvey AI, a startup that provides automation for legal work, has raised $300 million in Series E funding at a $5 billion valuation, the company told Fortune.
The round was co-led by Kleiner Perkins and Coatue, with participation from existing investors, including Conviction, Elad Gil, OpenAI Startup Fund, and Sequoia.
