Legal technology startup Harvey is reportedly negotiating to secure over $250 million in a funding round that could place its valuation at $5 billion, according to a report by Reuters citing anonymous sources. The funding round is expected to be led by Kleiner Perkins and Coatue.
Investor Interest and Previous Funding
Sequoia Capital, which recently led Harvey’s $300 million Series D funding in February, is anticipated to participate in this upcoming round. Investors are particularly attracted to Harvey due to its rapid growth and market presence.
Business Growth and Revenue
Harvey has experienced significant expansion as legal professionals and firms increasingly adopt generative AI technology for improving research, documentation, and data analysis. As of April, the company reported an annualized run-rate revenue of $75 million.
Partnerships and AI Models
In a related development, Harvey announced its decision to integrate AI models from Anthropic and Google, alongside its existing partnership with OpenAI. This shift is expected to enhance its service offerings and technological capabilities.
Funding Round Speculations
The report did not clarify whether the Open AI Startup Fund, an early investor in Harvey, would also be part of this funding round. Requests for comments from Harvey, Coatue, Sequoia, and Kleiner Perkins have not yet received responses.