Hebbia, a startup specializing in generative AI for searching large documents, has raised nearly $100 million in a Series B funding round led by Andreessen Horowitz, according to three sources familiar with the matter.
The funding round values the company between $700 million and $800 million. An SEC filing from May indicated that Hebbia had raised $93 million of the targeted $100 million, and two sources confirmed the round reached nearly $100 million and has closed.
Hebbia and Andreessen Horowitz did not comment on the matter.
Founded in 2020 by George Sivulka, Hebbia was conceived while Sivulka was pursuing his PhD in electrical engineering at Stanford. He was inspired by friends in the financial industry who spent long hours searching through SEC filings and other dense documents. Sivulka believed AI could streamline this process, saving significant time.
Hebbia’s AI can process billions of documents, including PDFs, PowerPoints, spreadsheets, and transcripts, to provide specific answers. The startup primarily serves financial services firms like hedge funds and investment banks, but its technology is also applicable to law firms and other professional sectors.
With this latest funding, Hebbia’s total capital raised exceeds $120 million. The company previously raised $30 million in a Series A round in September 2022, led by Index Ventures with participation from Radical Ventures.
Hebbia’s product is similar to Glean, a software that retrieves information in plain English from various business applications. In February, Glean raised $200 million in a Series D funding round, valuing the company at $2.2 billion.
