Hebbia, a startup that makes use of generative synthetic intelligence to go looking massive paperwork and return solutions, has raised practically $100 million in Sequence B led by Andreessen Horowitz, in response to three individuals with information of the matter.
The spherical valued the corporate at between $700 million and $800 million, although TechCrunch was unable to confirm whether or not that valuation is earlier than or after the cost. (One potential state of affairs is $700 million earlier than/$800 million after.) Hebbia mentioned in an SEC submitting in Might that it had raised $93 million of its anticipated $100 million by then, however we have discovered from two those that the spherical has reached practically 100 million {dollars} and 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 mates within the monetary trade, who advised him that a part of their lengthy work weeks was spent trying to find info in SEC filings and different dense paperwork. Sivulka thought that synthetic intelligence may assist them save hours within the workplace and permit extra time for relaxation and sleep.
Hebbia’s AI can concurrently view billions of paperwork, together with PDFs, PowerPoints, spreadsheets and transcripts, and return particular solutions, the corporate says.
The startup sells largely monetary corporations, together with hedge funds and funding banks. However its product may also be utilized by regulation corporations and different skilled fields.
The most recent funding brings Hebbia’s complete capital to greater than $120 million. In September 2022, the corporate raised $30 million in Sequence A funding led by Index Ventures with participation from Radical Ventures.
The corporate’s product is just like Glean, whose software program can retrieve info in plain English from varied enterprise functions. In February, Glean raised a $200 million Sequence D spherical at a $2.2 billion valuation, led by Kleiner Perkins and Lightspeed.
