Hebbia Secures Nearly $100M Series B for AI-Powered Document Search

Hebbia, a startup focused on generative AI for document search, has successfully secured close to $100 million in a Series B funding round. As reported by Techcrunch, the renowned venture capital firm Andreessen Horowitz led the investment round. The company's valuation following the funding round is estimated to be between $700 million and $800 million, although it is not specified whether this figure is pre- or post-money.

In May, Hebbia disclosed in an SEC it had raised $93 million out of the targeted $100 million. Sources confirm that the round reached close to the $100 million mark and has now closed. Both Hebbia and Andreessen Horowitz have not responded to requests for comment.

Founded in 2020 by George Sivulka, Hebbia was launched while Sivulka was working on his PhD in electrical engineering at Stanford University. Inspired by his friends in the financial industry who spent long hours searching for information in dense documents such as SEC filings, Sivulka saw the potential for AI to streamline this process and reduce workload.

Hebbia’s AI technology is capable of analyzing billions of documents simultaneously, including PDFs, PowerPoints, spreadsheets, and transcripts, to provide specific answers. This innovation has found a primary market in financial services firms, including hedge funds and investment banks. However, its applications extend to law firms and other professional domains where document search efficiency is critical.

Hebbia’s product is comparable to Glean, another company that uses AI to fetch information in plain English from various business applications. Glean recently raised a $200 million Series D at a valuation of $2.2 billion, led by Kleiner Perkins and Lightspeed.