Hebbia, a startup utilizing generative AI to go looking giant paperwork and return solutions, has raised a virtually $100 million Collection B led by Andreessen Horowitz, based on three individuals with data of the matter.
The spherical valued the corporate between $700 million and $800 million, though TechCrunch couldn’t confirm whether or not that valuation is pre- or post-money. (One doable situation is $700 million pre/$800 million publish.) Hebbia disclosed in an SEC submitting in Could that it had by then raised $93 million out of a hoped-for $100 million, however we perceive from two of the those who the spherical hit a close to $100 million mark and has closed.
Hebbia and Andreessen Horowitz didn’t reply to a request for remark.
Hebbia was based in 2020 by George Sivulka, who launched the corporate whereas engaged on his PhD in electrical engineering at Stanford. Sivulka was impressed by his buddies working within the monetary trade who advised him that a part of their lengthy work weeks was spent looking for data in SEC filings and different dense paperwork. Sivulka thought that AI may assist them save hours on the workplace and provides them extra time for relaxation and sleep.
Hebbia’s AI can look over billions of paperwork without delay, together with PDFs, PowerPoints, spreadsheets and transcripts and return particular solutions, the corporate says.
The startup sells primarily to monetary service companies, together with hedge funds and funding banks. However its product may be utilized by legislation companies and different skilled domains.
The most recent funding brings Hebbia’s whole capital to over $120 million. The corporate raised its $30 million Collection A in September 2022 led by Index Ventures with participation from Radical Ventures.
The corporate’s product is just like Glean, whose software program can fetch data in plain English from varied enterprise purposes. In February, Glean raised a $200 million Collection D at a valuation of $2.2 billion, led by Kleiner Perkins and Lightspeed.
