Hebbiaa startup that uses genetic artificial intelligence to search large documents and return answers has raised nearly $100 million in Series B led by Andreessen Horowitz, according to three people with knowledge of the matter.
The round valued the company at between $700 million and $800 million, though TechCrunch was unable to verify whether that valuation is pre- or post-money. (One possible scenario is $700 million pre/$800 million post.) Hebbia disclosed in an SEC filing in May that by then it had raised $93 million of an expected $100 million, but we understand from two of the people that the round came close to $100 million and closed.
Hebbia and Andreessen Horowitz did not respond to a request for comment.
Hebbia was founded in 2020 by George Sivulka, who started the company while working on his PhD in electrical engineering at Stanford. Sivulka was inspired by his friends who worked in the financial industry, who told him that part of their long work weeks was spent searching for information in SEC filings and other dense documents. Sivulka thought that artificial intelligence could help them save hours at the office and give them more time to rest and sleep.
Hebbia’s AI can look at over billions of documents at once, including PDFs, PowerPoints, spreadsheets and transcripts, and return specific answers, the company says.
The startup primarily sells to financial services firms, including hedge funds and investment banks. But her product could also be used by law firms and other professional fields.
The latest funding brings Hebbia’s total capital to over $120 million. The company raised a $30 million Series A in September 2022 led by Index Ventures with participation from Radical Ventures.
The company’s product is similar to Glean, whose software can retrieve information in plain English from various business applications. In February, Glean raised a $200 million Series D at a $2.2 billion valuation, led by Kleiner Perkins and Lightspeed.
