<ul data-eligibleForWebStory="true"><li>Harvey, an AI software developer for legal professionals, raised $300 million in Series E funding led by Kleiner Perkins and Coatue, valuing the company at $5 billion.</li><li>Harvey's AI tools aim to boost productivity for legal teams, with its platform used by over 330 law firms and generating $75 million in revenue annually.</li><li>Its flagship AI tool, Harvey Assistant, helps automate legal document drafting, reviews drafts against internal guidelines, proofreads, translates, and auto-fills contract fields.</li><li>Harvey's redlining feature automates summarizing document changes, leveraging a custom AI model with about 100,000 parameters and neural network architecture.</li><li>The company uses off-the-shelf language models and plans to incorporate AI models from LexisNexis post-funding.</li><li>Proceeds from the investment will double Harvey's workforce and support expansion into new market segments beyond law.</li><li>Harvey's technology involves turning PDF contracts into images and applying filters before inputting into AI models to enhance accuracy and inference speed.</li></ul>

Harvey raises $300M in funding for its legal AI assistant

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