Legora raises $550 million at an $8.8 billion valuation — TechCrunch

Legal artificial intelligence startup Legora has raised $550 million in a Series E funding round. The company is valued at $8.8 billion, TechCrunch reports.

Automating legal work

Legora develops tools to automate and support the workflows of legal professionals. The company operates in a segment where AI solutions are moving from the assistant format to services that help perform professional tasks.

According to the company, its annual recurring revenue has exceeded $200 million. In April, Legora reported raising an additional $50 million as part of a $550 million Series D round. At the time, the company was valued at $5.6 billion, while its annual recurring revenue reached $100 million.

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Investors and expansion

The current round was led by Atreides Management. Other investors include Baron Capital, Bessemer Venture Partners, General Catalyst, and Menlo. Legora plans to use the funds raised to further expand its operations in North America.

A month earlier, Legora competitor Harvey also announced that it had raised $550 million. Its valuation then stood at $15.5 billion, and in March, Harvey reported annual recurring revenue of more than $200 million.