Legal AI startup Harvey is in talks to raise at least $500 million at a $15.5 billion valuation including the investment, a 40% premium to its last valuation five months ago. The fundraising follows a revenue surge at the legal AI startup, according to a person with knowledge of the fundraise.

Four-year-old Harvey is currently generating more than $350 million in annualized revenue, up more than 80% from the $190 million in annualized revenue it was generating in January, according to the person. Lightspeed Venture Partners has been interested in leading the round, the person said.

Over the last year, we’ve seen more generalist venture capital firms make forays into defense tech, a niche once relegated to specialized investors comfortable with revenue based on uneven government contracts and who weren’t restricted from investing in weapons makers by their limited partners. 

Furientis, a startup founded last year that builds missiles for intercepting attacks, is close to raising $25 million in a funding round that would value it more than $125 million including the money invested, two people familiar with the investment tell us. And we’re hearing Benchmark, known for backing Uber and Snap in their early days, has been in talks to lead, the people said.