Hibiyaa startup that uses artificial intelligence to search through large documents and return answers, has raised nearly $100 million in a Series B led by Andreessen Horowitz, according to three people familiar with the matter.
The round valued the company at between $700 million and $800 million, though TechCrunch was unable to verify whether that valuation was pre- or post-money. (One possible scenario is $700 million pre/$800 million post-money.) Hebbia was disclosed in an SEC filing in May. It had by then raised $93 million of its hoped-for $100 million, but we understand from two people that the round reached closer to $100 million and closed.
Hypia and Andreessen Horowitz did not respond to requests for comment.
Hebbia was founded in 2020 by George Civolka, who launched the company while working on his PhD in electrical engineering at Stanford University. Sivulka was inspired by his friends in the financial industry who told Sivulka that part of their long work weeks were spent searching for information in SEC filings and other dense documents. Sivolka believed that artificial intelligence could help them save working hours in the office and give them more time to rest and sleep.
Hebbia’s AI can look at billions of documents at once, including PDFs, PowerPoint presentations, spreadsheets, and written text, and return specific answers, the company says.
The startup primarily sells its products to financial services firms, including hedge funds and investment banks. But its products can also be used by law firms and other professional fields.
The latest funding brings Hebbia’s total capital to over $120 million. The company raised its $30 million Series A funding in September 2022 led by Index Ventures with participation from Radical Ventures.
The company’s product is similar to Glean, whose software can fetch information in plain English from various business applications. In February, Glean raised a $200 million Series D at a valuation of $2.2 billion, led by Kleiner Perkins and Lightspeed.