Hebbia, a startup that makes use of generative synthetic intelligence to go looking massive paperwork and return solutions, has raised almost $100 million in Collection B funding led by Andreessen Horowitz, based on three individuals conversant in the matter.
The spherical values the corporate at between $700 million and $800 million, though TechCrunch was unable to confirm whether or not that valuation was pre-money or post-money. (One potential situation is $700 million ex ante/$800 million ex put up.) Hebbia disclosed in an SEC submitting in Could that it had raised $93 million on the time, towards an anticipated $100 million, however We realized from two of the individuals conversant in the matter that the spherical hit the almost $100 million mark and has closed.
Hebbia and Andreessen Horowitz didn’t reply to requests for remark.
Hebbia was based in 2020 by George Sivulka, who began the corporate whereas pursuing a PhD in electrical engineering at Stanford College. Sivulka was impressed by mates who labored within the monetary trade, who instructed him that a part of their lengthy work weeks was spent scouring SEC filings and different dense paperwork for info. Sivulka believes synthetic intelligence will help them save time within the workplace, giving them extra time to relaxation and sleep.
Hebbia’s synthetic intelligence can take a look at billions of paperwork concurrently, together with PDFs, PowerPoints, spreadsheets and transcripts, and return particular solutions, the corporate mentioned.
The startup sells merchandise primarily to monetary providers companies, together with hedge funds and funding banks. However its merchandise will also be utilized by legislation companies and different skilled fields.
The most recent funding spherical brings Hebbia’s complete capital to greater than $120 million. The corporate raised $30 million in Collection A funding in September 2022, led by Index Ventures, with participation from Radical Ventures.
The corporate’s product, much like Glean, is software program that pulls info from a wide range of enterprise purposes in plain English. In February this 12 months, Glean raised $200 million in Collection D financing, valued at $2.2 billion, led by Kleiner Perkins and Lightspeed.
