dailynewsnblog
Legal AI startup Legora announced Wednesday that it raised a $550 million Series E round, valuing it at $8.8 billion.
The company helps automate and assist with workflow tasks for legal professionals, as the industry moves beyond AI assistants to AI services that help them get work done.
The news comes just a month after Harvey, Legora’s biggest competitor, announced a $550 million raise at a $15.5 billion valuation; back in March, Harvey also said its annual recurring revenue (ARR) was more than $ 200 million.
Legora’s Series E follows the company’s April announcement of a $50 million extension of a $550 million Series D round, which valued the company at $5.6 billion. At the time, the company said its ARR had reached $100 million. That number now stands at over $200 million, the company shared on Wednesday.
Investors in the latest financing include Atreides Management, which led the round, as well as Baron Capital, Bessemer Venture Partners, General Catalyst, Menlo, and other top names. The company plans to use the fresh capital to further expand across North America.
