Hebbia, a startup that uses generative AI to search and respond to large documents, has raised a Series B round of about $100 million led by Andreesen Horowitz, according to three people with knowledge of the matter.
The round valued the company 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.) Hebia disclosed in an SEC filing in May that it had raised $93 million of an expected $100 million by then, but we learned from two people that the round reached closer to $100 million and 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 him 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 Hebia’s total capital raised to over $120 million. The company raised $30 million in a Series A round led by Index Ventures with participation from Radical Ventures in September 2022.
The company’s product is similar to Glean, whose software can retrieve information from a variety of business applications in plain English. In February, Glean raised a $200 million Series D led by Kleiner Perkins and Lightspeed at a $2.2 billion valuation.
