HebbiaA startup that uses generative artificial intelligence to sift through large documents and return answers has raised nearly $100 million in a Series B round led by Andreessen Horowitz, in response to three people familiar with the matter.
The round valued the company at $700 million to $800 million, although TechCrunch couldn’t confirm whether that valuation was provided before or after the capital raise. (One possible scenario is $700 million pre-fundraise/$800 million post-fundraise.) Hebbia was disclosed in a May SEC filing that by then, $93 million of the expected $100 million had been raised, but we learned from two people who the round had reached almost $100 million and had closed.
Hebbia and Andreessen Horowitz didn’t reply to a request for comment.
Hebbia was founded in 2020 by George Sivulka, who founded the company while working on his PhD in electrical engineering at Stanford University. Sivulka was inspired by his friends working in the financial industry, who told Sivulka that they spent a part of their long work weeks searching for information in SEC filings and other dense documents. Sivulka thought that artificial intelligence could help them save hours at the office and provide more time for rest and sleep.
Hebbia says the AI can review billions of documents concurrently, including PDF files, PowerPoint presentations, spreadsheets and transcripts, and return specific answers.
The startup sells its products primarily to financial services firms, including hedge funds and investment banks. But its product may also be used by law firms and other skilled fields.
With this latest support, Hebbia’s total capital is over $120 million. In September 2022, the company raised $30 million in Series A funding led by Index Ventures with participation from Radical Ventures.
The company’s product is just like Glean, whose software can pull information in plain English from a number of business applications. In February, Glean raised $200 million in Series D at a $2.2 billion valuation, led by Kleiner Perkins and Lightspeed.