Harvey, a burgeoning legal tech startup, is reportedly negotiating to raise over $250 million in a funding round led by Kleiner Perkins and Coatue, which would establish its valuation at approximately $5 billion. Sequoia Capital, a prior investor, is anticipated to join this round, attracted by Harvey's swift market traction. The startup has experienced significant growth by helping lawyers and firms leverage generative AI for enhanced productivity in research and documentation, showcasing a run-rate revenue of $75 million as of April. Recently, it announced collaborations with AI models from Anthropic and Google to expand its technological capabilities.
Harvey's rapid growth and innovative use of generative AI in legal tech has attracted substantial investor interest, as it seeks to raise over $250 million.
Legal firms are increasingly adopting generative AI technologies, with Harvey leading the way with a projected valuation of $5 billion and annualized revenues of $75 million.
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