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Investing.com -- Harvey AI, a rapidly expanding legal technology startup, is reportedly in the final stages of discussions to secure more than $250 million in a fresh funding round. The new investment would value the company at $5 billion, according to a Reuters report on Wednesday.
This financing round, spearheaded by venture capital entities Kleiner Perkins and Coatue, would represent a considerable jump in Harvey’s valuation. Just a few months ago, the company was valued at $3 billion. Sequoia Capital, a previous backer, is anticipated to expand its investment during this round.
The surge in investor interest in Harvey AI can be attributed to the firm’s impressive revenue growth. Those familiar with the company’s financials have revealed that its annualized run rate escalated to $75 million in April, a significant rise from the $50 million reported earlier this year.
This substantial 50% upswing in just a few months has been propelled by strategic alliances with prominent consulting firms such as PwC. Additionally, direct sales to large corporations for use by in-house general counsel have played a significant role, the report added.