Legal AI startup Harvey has secured $300 million in Series E funding at a remarkable $5 billion valuation, marking a 67% increase from its $3 billion valuation just four months ago. The round was co-led by Kleiner Perkins and Coatue, with participation from notable investors including Sequoia, OpenAI Startup Fund, and others.

Founded just three years ago, Harvey provides AI-powered solutions for legal professionals, helping lawyers with document review, contract drafting, and other legal processes. The company claims to reduce legal workflows from weeks to minutes, serving 337 legal clients across 53 countries, including major firms such as Paul, Weiss, and corporate legal departments at KKR and PwC.

Unlike many AI companies focusing on lean operations, Harvey is aggressively expanding its workforce. The startup currently employs over 340 people and plans to double that number with the fresh funding. Beyond legal services, Harvey aims to diversify its AI-powered solutions into other professional services, including tax accounting.

The company has demonstrated strong growth momentum, reaching $75 million in annualized run-rate revenue by April. Moreover, the Series E funding positions Harvey as the highest-valued legal AI startup, surpassing competitors Ironclad and Clio, which received $3.2 billion and $3 billion valuations at the time they raised their most recent funding rounds.