Legora has just announced its long-awaited new raise and it’s a big one: $550m – classed as a Series E, and with a post-money valuation of $8.8 billion. They have now raised around $1.4 billion in total, compared to Harvey’s approximately $1.8 billion total.

CEO, Max Junestrand, stressed that both he and the investors are taking a long-term view of Legora and of legal AI’s growing place in the market. And if this is going to be a very long journey before any kind of exit, one can only imagine how large the future rounds and valuations will be. (And see next AL article for interview with Max.)

Below is a chart and table – made with ChatGPT Astra, and each entry has a source – which shows the funding race between these two legal AI platforms that just a few years ago didn’t even exist. It’s an extraordinary phenomenon.

Note: sources are below. Astra’s best efforts here. Double checked and seems to be right, but open to some tweaking, especially the very early rounds that didn’t get much official coverage.

So, lots of money, a fierce battle between the two, both with massive growth and huge future growth plans – and both navigating a market space that’s changed even since they started. The launch of Google, ChatGPT and Anthropic into the legal tech vertical, and with Microsoft rolling out a suite of legal AI skills – plus several other ‘Big Tech’ players moving into this space, have changed the environment forever as well.…

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