Hebbia, a startup using generative AI to search large documents and return answers, has raised a nearly $100 million series B led by Andreessen Horowitz, according to three people with knowledge of the matter.
The round valued the company between $700 – $800 million although TechCrunch couldn’t verify whether that valuation is pre- or post-money. (One possible scenario is $700 million pre/$800 million post.) Emergence Capital also participated in the round, one person said. 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 people that the round hit a near $100 million mark and has closed.
Hebbia, Andreessen Horowitz and Emergence Capital didn’t respond to a request for comment.
Hebbia was founded in 2020 by George Sivulka, who launched the company while working on his 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 weeks was spent searching for information in SEC filings and other dense documents. Sivulka thought that AI could help them save hours at the office and give them more time for rest and sleep.
Hebbia’s AI can look over billions of documents at once, including PDFs, PowerPoints, spreadsheets and transcripts and return specific answers, the company says.
The startup sells primarily to financial service firms, including hedge funds and investment banks. But its product could also be used by law firms and other professional domains.
The latest funding brings Hebbia’s total capital to over $120 million. The company raised its $30 million Series A in Sept. 2022 led by Index Ventures with participation from Radical Ventures.
The company’s product is similar 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.