Hebbia, a startup that harnesses the power of generative AI to search through large documents and provide precise answers, has recently concluded a Series B funding round led by Andreessen Horowitz. While the exact valuation remains unverified, estimates place the company’s worth between $700 million and $800 million. Hebbia had previously disclosed in an SEC filing that it had raised $93 million out of an intended $100 million, but sources indicate that the round reached a near $100 million milestone and has now closed.
Founded in 2020 by George Sivulka, Hebbia was born out of Sivulka’s own experiences and observations. While pursuing his PhD in electrical engineering at Stanford, Sivulka was inspired by his friends in the financial industry who spent a substantial amount of their work hours searching for information within dense documents like SEC filings. Recognizing the potential for AI to streamline this process and free up valuable time for professionals, Sivulka set out to create a solution.
Hebbia’s AI technology is capable of analyzing billions of documents simultaneously, including PDFs, PowerPoints, spreadsheets, and transcripts. By leveraging its advanced algorithms, the company’s software can provide specific answers to user queries. Currently, Hebbia primarily caters to financial service firms such as hedge funds and investment banks. However, the versatility of its product opens up possibilities for adoption in other professional domains like law firms.
With this recent funding round, Hebbia has raised a total of over $120 million in capital. The company previously secured $30 million in a Series A round in September 2022, led by Index Ventures with participation from Radical Ventures. This influx of funds will undoubtedly fuel further development and expansion for Hebbia as it continues to enhance its AI capabilities and broaden its customer base.
Interestingly, Hebbia’s product shares similarities with Glean, another software platform that extracts information in plain English from various business applications. In February, Glean successfully raised $200 million in a Series D funding round, valuing the company at $2.2 billion. The round was led by Kleiner Perkins and Lightspeed, indicating a growing interest in the potential of AI-driven solutions for document analysis and retrieval.
Hebbia’s latest funding success not only underscores investor confidence in the company’s vision and technology but also highlights the increasing demand for efficient and accurate information retrieval in professional settings. As businesses and industries grapple with an ever-growing volume of data, AI-powered solutions like Hebbia and Glean are poised to revolutionize how professionals access and utilize information, ultimately improving productivity and enabling more meaningful work-life balance.
