Hebbia Secures Almost $100M in Series B Funding for AI-Driven Document Search, Led by Andreessen Horowitz

Hebbia, a pioneering startup harnessing the power of generative AI to efficiently search through large documents and provide precise answers, has successfully closed a nearly $100 million Series B funding round led by Andreessen Horowitz, as reported by sources familiar with the matter.

This funding round has positioned the company's valuation between $700 million and $800 million, although the exact nature of this valuation—whether pre- or post-money—remains unconfirmed. An SEC filing disclosed in May indicated that Hebbia had raised $93 million of a targeted $100 million, and reports suggest that the fundraising has now nearly reached its goal.

Both Hebbia and Andreessen Horowitz have not yet responded to requests for comments.

Founded in 2020 by George Sivulka during his PhD studies in electrical engineering at Stanford University, Hebbia was inspired by insights from friends in the finance sector. They shared how their long hours often included sifting through SEC filings and other complex documents, prompting Sivulka to explore how AI could help these professionals save valuable time, allowing them to focus more on relaxation and personal well-being.

Hebbia’s cutting-edge AI technology can efficiently scour billions of documents at once, encompassing PDFs, PowerPoints, spreadsheets, and transcripts, to deliver specific information as needed.

Primarily targeting the financial services sector, Hebbia caters to hedge funds and investment banks, but its innovative solutions have potential applications in legal firms and other professional environments as well.

With this latest funding round, Hebbia’s total capital raised now exceeds $120 million. The company previously secured $30 million in its Series A round in September 2022, spearheaded by Index Ventures with contributions from Radical Ventures.

The startup’s offering is comparable to Glean, which provides a platform that retrieves information in straightforward language from various business applications. In February, Glean raised $200 million in a Series D round at a valuation of $2.2 billion, led by Kleiner Perkins and Lightspeed.