Legal artificial intelligence company Clio said on Monday it has raised $500 million in a funding round led by New Enterprise Associates (NEA), valuing the company at $5 billion.

The funding comes as demand for AI tools that automate professional and office work grows, with firms looking to streamline routine tasks, reduce costs, and improve decision-making.

Venture capital firms are pouring significant investments into companies developing such AI technology.

The latest round also included participation from existing investors TCV, Goldman Sachs Asset Management, Sixth Street Growth and JMI Equity.

Clio, founded by Jack Newton and Rian Gauvreau in 2008, streamlines legal work for firms of all sizes and is used to manage cases, research, and workflows. It provides services to legal professionals in more than 130 countries.

The Vancouver-based company has also secured a $350 million debt facility led by Blackstone and funds managed by Blue Owl Capital.

Clio said the capital will support AI product development and further strategic acquisitions.