Harvey AI, a startup that provides automation for legal work, 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, and received participation from existing investors such as convictions, Elad Gil, Openai Startup Fund and Sequoia.
The funding comes just four months after Harvey announced that Sequoia led the $300 million Series D round at a $3 billion valuation.
While many AI companies aim to keep their staff low, Harvey is rapidly expanding its staff. The startup three years ago already employs 340 people and plans to double that number with fresh funds, Fortune reported. Some of the new staff will be hired to help Harvey build AI products for professional services beyond the law, including tax accounting. The company's AI solutions, which help lawyers review documents and draft contracts, are used by 337 legal clients.
Harvey is growing with a rapid clip, reaching annual operating revenue of $75 million in April, up from $50 million early in the year, Reuters reported.
Harvey's competitors include older legal startups like 10-year-old Ironclad and 17-year-old Clio, who raised a $300 million round at a $3 billion valuation last year.