Hebbia secures nearly $100M in Series B funding for its AI-powered document search, with Andreessen Horowitz leading the round

Hebbia, a startup leveraging generative AI for document search and retrieval, has successfully raised nearly $100 million in a Series B funding round led by Andreessen Horowitz. This funding round values Hebbia between $700 million and $800 million, though it’s unclear whether this valuation is pre- or post-money.

Founded in 2020 by George Sivulka during his PhD studies at Stanford, Hebbia addresses the challenge of efficiently searching through large volumes of complex documents like SEC filings and financial reports. The AI technology developed by Hebbia allows users, primarily in financial services such as hedge funds and investment banks, to sift through extensive datasets comprising PDFs, PowerPoints, spreadsheets, and transcripts to find specific information quickly.

The company’s platform aims to streamline information retrieval processes, potentially saving users significant time and enhancing productivity. While Hebbia initially targets financial services, its technology could also benefit other professional domains such as law firms where document analysis is critical.

Hebbia had previously disclosed raising $93 million as of May 2024, nearing its $100 million funding goal. The round has since closed, underscoring investor confidence in its AI-powered document search capabilities and market potential across various sectors.