Legal Tech startup Harvey is being debated to raise more than $250 million in a $5 billion funding round led by Kleiner Perkins and Coatue, Reuters reported citing an anonymous source.
Sequoia Capital, which led the startup’s $300 million Series D just three months ago, is also expected to invest in this new round, adding that investors are primarily drawn to the startup’s rapid traction in the market.
Harvey has grown rapidly as lawyers and law firms around the world have used generative AI technology to simplify research, documentation and quickly explore data. The company recorded an annual occupancy rate of $75 million in April, Reuters reported.
The news comes just days after Harvey began using Anthropic and Google’s AI models and said it would be added to the model he uses from his supporter Openai.
The report did not mention whether the Open AI Startup Fund, which Harvey supported early in its lifespan, would invest in the round.
Harvey, Coatue, Sequoia, and Kleiner Perkins did not immediately return requests for comment.