Four months after valuation of $300 million, HarveyAI will increase to $5 billion

Harvey AI, a startup that provides automation for legal work, raised $300 million in Series E funding at a $5 billion valuation. luck. The round was co-led by Kleiner Perkins and Coatue, and received participation from existing investors such as convictions, Elad Gil, Openai Startup Fund and Sequoia.

Funding will arrive just four months after Harvey announces that Sequoia is taking the lead 300 million dollar series d Round at a valuation of $3 billion.

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

Harvey is growing with a rapid clip, reaching annual operating revenue of $75 million per year in April, up from $50 million early in the year. Reuters reported last month.

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