Hebbia raises nearly $100 million in Series B round for AI-powered document search led by Andreessen Horowitz

Hebbiaa startup that uses generative artificial intelligence to search large documents and return responses has raised nearly $100 million in Series B funding led by Andreessen Horowitz, in response to three individuals with knowledge of the matter.

The company was valued at between $700 million and $800 million in this round, although TechCrunch was unable to confirm whether that valuation was provided before or after the capital raise. (One possible scenario is $700 million pre-capital/$800 million post-capital). Hebbia disclosed in SEC filings in May that by that point $93 million of the expected $100 million had been raised, but we learned from two those who the round had reached almost $100 million and had been closed.

Hebbia and Andreessen Horowitz didn’t reply to a request for comment.

Hebbia was founded in 2020 by George Sivulka, who launched the corporate while working on his PhD in electrical engineering at Stanford University. Sivulka was inspired by his friends working in the financial industry who told him that they spent a part of their long work weeks searching for information in SEC filings and other dense documents. Sivulka believed that AI could help them save hours in the office and provides them more time to rest and sleep.

Hebbia’s AI can review billions of documents directly, including PDFs, PowerPoints, spreadsheets and transcripts, and return specific answers, the corporate says.

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.

The latest funding brings Hebbia’s total capital raised to over $120 million. The company raised $30 million in a Series A round in September 2022 led by Index Ventures with participation from Radical Ventures.

The company’s product is comparable to Glean, whose software can pull information in plain English from a wide range of business applications. In February, Glean raised $200 million in a Series D round at a $2.2 billion valuation, led by Kleiner Perkins and Lightspeed.