Hebbia, a startup that uses generative AI to search through large documents and provide answers, has successfully secured nearly $100 million in Series B funding. This funding round was led by Andreessen Horowitz, and the company is now valued between $700 to $800 million. It is not clear whether this valuation is pre- or post-money.
Founded in 2020 by George Sivulka, Hebbia was created to help professionals, especially those in the financial industry, save time by using AI to search through SEC filings and other dense documents. The platform can analyze billions of documents, including PDFs, PowerPoints, spreadsheets, and transcripts, and provide specific answers.
While Hebbia primarily caters to financial service firms like hedge funds and investment banks, its product could also be beneficial for law firms and other professional domains. With the latest Series B funding, Hebbia’s total capital has now exceeded $120 million.
Hebbia’s product is similar to Glean, another software that retrieves information in plain English from various business applications. Glean recently raised $200 million in Series D funding with a valuation of $2.2 billion.
In the first six months of the year, $4.2 billion has been invested in robotics, indicating a strong year for funding in this sector, surpassing the total investment of $6.8 billion in 2023.
Hebbia’s success in securing this substantial funding highlights the growing interest and investment in AI technology, particularly in the field of document search and analysis. As more startups like Hebbia and Glean continue to innovate in this space, we can expect to see further advancements in AI-driven solutions for various industries, ultimately improving efficiency and productivity for professionals across the board.
