Four months after a $3B valuation, Harvey AI grows to $5B

Harvey AI, a startup that provides automation for legal work, has raised $300 million in Series E funding at a $5 billion valuation, the company told Fortune. The round was co-led by Kleiner Perkins and Coatue, with participation from existing investors, including Conviction, Elad Gil, OpenAI Startup Fund, and Sequoia.

The financing comes just four months after Harvey announced that Sequoia led a $300 million Series D round at a $3 billion valuation.

While many AI companies aim to keep headcount low, Harvey is rapidly expanding its staff. The three-year-old startup already employs 340 people and plans to double that number with its fresh funds, Fortune reported. Some of the new staff will be hired to help Harvey build AI products for professional services beyond legal, including tax accounting. The company’s AI solutions, which assist lawyers in reviewing documents and drafting contracts, are used by 337 legal clients.

Harvey has been growing at a rapid clip, reaching an annualized run-rate revenue of $75 million in April, up from $50 million earlier in the year, Reuters reported last month.

Some of Harvey’s competitors include older legal startups, such as 10-year-old Ironclad and 17-year-old Clio, which raised a $300 million round at a $3 billion valuation last year.