Harvey AI Jumps to $5 Billion Valuation After New $300M Raise

The fast-growing legal AI startup isn’t slowing down — and now it’s eyeing new industries too.

Just four months ago, Harvey AI made headlines with a $3 billion valuation. Now? It’s worth $5 billion — thanks to a brand-new $300 million Series E funding round, the company told Fortune.

This latest raise is co-led by Kleiner Perkins and Coatue, with support from some of Harvey’s earlier investors like Sequoia, OpenAI’s Startup Fund, Conviction, and Elad Gil.

Big Money, Fast Growth

Harvey is just three years old, but it’s growing fast. It already has 340 employees and plans to double that number using this fresh funding.

A lot of the hiring will support the company’s next big move: expanding beyond just legal work. Harvey’s team is starting to build AI tools for other professional services, like tax and accounting.

What Harvey Actually Does

Harvey builds AI that helps lawyers with everyday tasks — like reviewing contracts, reading through long legal documents, and drafting legal agreements. It’s kind of like a supercharged legal assistant that never sleeps.

So far, 337 law firms and legal teams use Harvey’s tools. And revenue is rising fast: the company recently hit $75 million in annualized revenue, up from $50 million just a few months earlier.

Not Just Another AI Startup

What makes Harvey stand out?

• It’s laser-focused on using AI for real work — especially in the legal world.

• It has backing from some of the biggest names in tech and VC, including OpenAI.

• It’s not trying to stay small — Harvey is hiring fast, while many AI companies stay lean.

• The company is already making real money, and plans to expand into new industries soon.

Facing Big (and Older) Competition

Harvey isn’t the only company working in legal tech. It competes with older players like:

• Ironclad – around for 10 years

• Clio – founded 17 years ago, and also raised $300M at a $3B valuation last year

But while those companies have been around longer, Harvey is moving quickly — and growing faster than many expected.

Quick Recap

• Harvey AI just raised $300 million in a new funding round.

• Its valuation jumped from $3B to $5B in just four months.

• The company plans to double its team size (currently at 340 employees).

• It’s expanding into tax and accounting, not just legal.

• Revenue hit $75 million in April.

• Investors include Sequoia, OpenAI, Kleiner Perkins, and more.

Final Thoughts

Harvey AI is proving it’s not just a legal tech startup — it’s building toward something bigger. With serious investor backing, fast growth, and plans to move into other industries, Harvey is quickly becoming one of the most exciting names in applied AI.

And if its momentum continues, don’t be surprised if we’re talking about Harvey alongside the likes of OpenAI, Google, or even Microsoft in the near future.

this article was originally published on https://techthrilled.com/harvey-ai-jumps-to-5-billion-valuation-after-new-300m-raise/