AI Legora’s legal launch hits $5.6B valuation and his battle with Harvey just heated up

Nvidia has laid a new brick in his AI empire. NVentures, its VC fund, has backed Legora, he says its first official AI investment.

Using AI to help lawyers streamline their work, the Swedish-born legal startup is competing with a US player. Harvey.

Along with Atlassian and other new venture capitalists, NVentures joined Legora’s board as a venture capital fund. $50 million Series D supplement which comes one month after the start $550 million Series D.

Meanwhile, Y Combinator alum exceeded $100 million in annual recurring revenue (ARR) – an impressive event that contributed to the calculation of new revenues of $ 5.6 billion after investment.

This brings Legora’s valuation closer to Harvey’s, which reached $11 billion last month while Sequoia. three times down at his expense. Andreessen Horowitz, Coatue, Conviction Partners, Elad Gil, Evantic by Matt Millerand Kleiner Perkins also participated in the project.

Legora, too, is backed by top VCs; but it emphasizes the big names it acquired as clients, such as Bird & Bird, Cleary Gottlieb and Linklaters. According to the company, the platform it launched 18 months ago is now used by more than 1,000 law firms and in-house legal teams in 50 markets.

Harvey also has games in the area. They what to say 100,000 attorneys at 1,300 organizations as clients, from global corporations like Hengeler Mueller and Latham & Watkins to corporate legal teams like T-Mobile and Bridgewater.

With global leadership as the ultimate goal, the Harvey v. Legora is the one who wants to play at home. Legora has opened several offices around the world and the US is the main focus of its expansion. Instead, Harvey he is going to Europe.

With more money to spend on both sides, the battle has shifted to mindshare. Soon Winston Weinberg Company Harvey signed a brand deal and actor Gabriel Machtwho plays a high-powered lawyer on the TV series Suits, Legora launched an advertising campaign and movie star Jude Law under the words “The law has become very attractive.”

Both companies may be right to bet heavily on business. Competition aside, they are built on top of the huge range of languages ​​produced by the AI ​​giants that can become competitors. When Anthropic launched the Claude plugin recently, a number of companies listed on the public domain software saw their stocks plummet.

Naturally, Legora CEO Max Junestrand says he is not concerned.

“The models of the foundation are going well, but the real value is in how they are used,” he wrote. It also highlights how the startup is creating FOMO among prospective users, saying that “legal teams that integrate AI successfully today will shape the way the industry evolves.”

NVentures’ funding is a sign that Legora may have enough moat to protect them from model makers, and its biggest rival.

However, Nvidia is also known for hedging its bets – after all, it placed both in Anthropic and OpenAI already thinking that it has been enough.