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

Legal technology startup Harvey is currently in talks to secure over $250 million in funding, with leading investment firms Kleiner Perkins and Coatue at the forefront of the funding round. Anonymous sources cited by Reuters reveal that this financing would value Harvey at $5 billion.

Following their successful $300 million Series D funding round just three months ago, Sequoia Capital is expected to participate in this new funding round as well. Reuters notes that investors are particularly attracted to Harvey’s rapid growth and strong presence in the market.

Harvey has experienced significant expansion as legal professionals and firms worldwide embrace generative AI technology to streamline research, documentation, and data analysis processes. In April, the company reported an annualized run-rate revenue of $75 million, according to Reuters.

Recent developments include Harvey’s announcement of incorporating AI models from Anthropic and Google, in addition to existing models from their supporter, OpenAI.

The report does not mention whether the Open AI Startup Fund, an early backer of Harvey, will also participate in this funding round.

Harvey, Coatue, Sequoia, and Kleiner Perkins have not responded to requests for comments at this time.