Artificial Intelligence

Hebbia Raises Nearly $100 Million in Series B Funding Led by Andreessen Horowitz

By Business OutstandersPUBLISHED: June 28, 22:21
George Sivulka
Founder - George Sivulka

Hebbia, a promising startup leveraging generative AI to revolutionize the way we search large documents, has successfully raised nearly $100 million in a Series B funding round led by the renowned venture capital firm Andreessen Horowitz. According to three sources familiar with the matter, this funding round values the company between $700 million and $800 million, although it remains unclear whether this valuation is pre- or post-money.

TechCrunch has learned that while Hebbia disclosed in an SEC filing in May that it had raised $93 million of the targeted $100 million, insiders confirm the round has now closed at nearly $100 million. Neither Hebbia nor Andreessen Horowitz have commented on the matter.

Founded in 2020 by George Sivulka during his PhD studies in electrical engineering at Stanford, Hebbia was inspired by Sivulka's friends in the financial industry. These professionals often spent long hours sifting through SEC filings and other dense documents, prompting Sivulka to develop an AI solution to streamline this tedious process. Hebbia’s AI technology is designed to search through billions of documents, including PDFs, PowerPoints, spreadsheets, and transcripts, delivering precise answers quickly and efficiently.

Hebbia's primary clientele includes financial service firms such as hedge funds and investment banks. However, the versatile nature of their AI technology also makes it highly applicable to law firms and other professional sectors requiring intensive document search capabilities.

With the latest funding, Hebbia’s total capital raised exceeds $120 million. The company previously secured $30 million in a Series A round in September 2022, led by Index Ventures with participation from Radical Ventures. Hebbia’s innovative product draws comparisons to Glean, another software firm that helps users fetch information in plain English from various business applications. Glean raised $200 million in a Series D round in February, achieving a valuation of $2.2 billion, with Kleiner Perkins and Lightspeed leading the investment.

Hebbia's significant funding milestone underscores the growing demand and potential for AI-driven solutions in data-intensive industries. As the company continues to innovate, it stands poised to transform how professionals interact with and extract valuable insights from vast repositories of information.