Hebbia, a startup that uses generative AI to search large documents and return answers, 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 $700 million to $800 million, but TechCrunch could not confirm whether that valuation was pre or post. (One possible scenario is $700 million pre and $800 million post.) Hebbia said in an SEC filing in May that it had raised $93 million of the $100 million it had hoped for at the time. It closed after reaching nearly $100 million.
Hebbia and Andreessen Horowitz did not respond to requests for comment.
Hebbia was founded in 2020 by George Sivulka, who founded the company while earning his doctorate in electrical engineering from Stanford. Sivulka was inspired by friends who work in the financial industry. They said some of their long work hours were spent searching for information in SEC filings and other dense documents. Sivulka thought AI could help save time in the office and give us more time to rest and sleep.
Hebbia's AI can review billions of documents at once — including PDFs, PowerPoints, spreadsheets and manuscripts — and provide specific answers, the company said.
The startup primarily sells to financial services companies, including hedge funds and investment banks. But the company's products can also be used in law firms and other professional fields.
This funding brings Hebbia’s total capital raised to over $120 million. The company raised a $30 million Series A in September 2022 led by Index Ventures with participation from Radical Ventures.
The company’s product is similar to Glean, a software that can pull information from a variety of business applications into plain English. In February, Glean raised $200 million in a Series D led by Kleiner Perkins and Lightspeed at a valuation of $2.2 billion.
