Hebbia, a startup using generative AI to look large documents and return answers, has raised a virtually $100 million series B led by Andreessen Horowitz, in line with three individuals with knowledge of the matter.
The round valued the corporate between $700 – $800 million although TechCrunch couldn’t confirm whether that valuation is pre- or post-money. (One possible scenario is $700 million pre/$800 million post.) Hebbia disclosed in an SEC filing in May that it had by then raised $93 million out of a hoped-for $100 million but we understand from two of the folks that the round hit a near $100 million mark and has closed.
Hebbia and Andreessen Horowitz didn’t reply to a request for comment.
Hebbia was founded in 2020 by George Sivulka, who launched the corporate while working on his PhD in electrical engineering at Stanford. Sivulka was inspired by his friends working within the financial industry who told Sivulka that a part of their long work weeks was spent trying to find information in SEC filings and other dense documents. Sivulka thought that AI could help them save hours on the office and provides them more time for rest and sleep.
Hebbia’s AI can look over billions of documents directly, including PDFs, PowerPoints, spreadsheets and transcripts and return specific answers, the corporate says.
The startup sells primarily to financial service firms, including hedge funds and investment banks. But its product is also utilized by law firms and other skilled domains.
The newest funding brings Hebbia’s total capital to over $120 million. The corporate raised its $30 million Series A in Sept. 2022 led by Index Ventures with participation from Radical Ventures.
The corporate’s product is comparable to Glean, whose software can fetch information in plain English from various business applications. In February, Glean raised a $200 million Series D at a valuation of $2.2 billion, led by Kleiner Perkins and Lightspeed.
