Harvey, a fast-scaling legal tech startup, has reached a new milestone, securing a $5 billion valuation just four months after its previous $3 billion mark. The company raised $300 million in a Series E round co-led by Kleiner Perkins and Coatue, with returning investors including Sequoia, the OpenAI Startup Fund, and Conviction.

Founded three years ago, Harvey has become a prominent figure in AI-driven legal services. Its platform supports lawyers by automating tasks such as document review and contract drafting. As of June, Harvey serves 337 legal clients and has increased its annualized revenue run rate to $75 million, up from $50 million in early 2025, according to Reuters.

Unlike other AI firms favoring lean operational models, Harvey is investing aggressively in talent. The company currently employs 340 people and intends to double its workforce with the new capital. The hiring spree reflects Harvey’s ambition to scale its technology beyond legal, targeting adjacent domains like tax accounting and broader professional services.

This strategic shift signals Harvey’s intent to build a comprehensive AI infrastructure for knowledge-based industries, a move that could reshape how large corporate legal departments and firms handle transactional workflows.

Harvey’s competitive landscape includes established players like Ironclad, which was founded in 2014 and provides contract lifecycle management tools, and Clio, a Canadian legaltech firm founded in 2008, which raised $300 million last year at a similar $3 billion valuation. But Harvey’s rapid revenue growth and backing by OpenAI-affiliated capital continue to set it apart.