Legal AI startup Legora hits $5.6 valuation and its battle with Harvey just got hotter

Nvidia has laid a new brick in its AI empire . NVentures, its corporate VC fund, has backed Legora, reportedly its first legal AI investment. Leveraging AI to help lawyers streamline their work, the Swedish-born legal tech startup is competing with U.S. player Harvey . Alongside Atlassian and other new financial investors, NVentures joined Legora’s cap table as part of a $50 million Series D extension that comes a month after the startup’s $550 million Series D . In the interval, this Y Combinator alum crossed $100 million in annual recurring revenue (ARR) — a milestone that contributed to its new $5.6 billion post-money valuation. This brings Legora’s valuation just a tad closer to Harvey’s, which reached $11 billion last month when Sequoia tripled down on its investment. Andreessen Horowitz, Coatue, Conviction Partners, Elad Gil, Matt Miller’s Evantic , and Kleiner Perkins also participated in that round. Legora, too, is backed by high-profile VCs; but it puts even more emphasis on the big names it secured as clients, such as Bird & Bird, Cleary Gottlieb and Linklaters. According to the company, the platform it launched only 18 months ago is now used by more than 1,000 law firms and in-house legal teams across 50 markets. Harvey has game in that area too. It claims 100,000 lawyers across 1,300 organization as customers, ranging from global law firms like Hengeler Mueller and Latham & Watkins to corporate legal teams at companies like T-Mobile and Bridgewater. …