HebbiaA startup that uses generative AI to search and respond to large documents has raised about $100 million in Series B funding led by Andreessen Horowitz, according to three people with knowledge of the matter.
The round valued the company at between $700 – $800 million, though TechCrunch could not verify if this valuation was pre- or post-money. (A possible scenario is $700 million pre/$800 million post.) Hebbia disclosed in an SEC filing in May By then it had raised $93 million of an expected $100 million, but we learned from two people that the round reached close to $100 million and was closed.
Hebbia and Andreessen Horowitz did not respond to requests for comment.
Hebia was founded in 2020 by George Sivulka, who started the company while pursuing a PhD in electrical engineering at Stanford. Sivulka was inspired by his friends working in the financial industry, who told Sivulka that part of their long work week was spent searching for information in SEC filings and other dense documents. Sivulka thought AI could help them save hours at the office and give them more time for relaxation and sleep.
The company says Hebbia’s AI can look at billions of documents simultaneously, including PDFs, PowerPoints, spreadsheets and transcripts, and provide specific answers.
The startup primarily sells products to financial services firms, including hedge funds and investment banks. But its product can also be used by law firms and other professional sectors.
The latest funding brings Hebbia’s total capital raised to over $120 million. $30 million Series A in September 2022, led by Index Ventures with participation from Radical Ventures.
The company’s product is similar to Glean, whose software can extract information from a variety of business applications in plain English. Glean raised $100 million in February. $200 million Series D Led by Kleiner Perkins and Lightspeed at a $2.2 billion valuation.
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