Legal AI startup Legora announced on Wednesday, October 21, a $550 million Series E at an $8.8 billion valuation. Atreides Management led the round, with Baron Capital, Bessemer Venture Partners, General Catalyst and Menlo participating.

Annual recurring revenue now exceeds $200 million, up from $100 million when Legora announced its April round, a $50 million extension of its Series D at a $5.6 billion valuation.

Its biggest competitor, Harvey, announced a $550 million raise at a $15.5 billion valuation about a month earlier. Harvey said in March that its annual recurring revenue was above $200 million.

Legora plans to use the new money to expand across North America. TechCrunch, citing the company’s announcement, says the industry is moving from AI assistants toward AI services that help lawyers get work done. The article includes no quotes from executives or investors.

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