Source: TechCrunch
Hebbia, a startup using generative AI to search large documents and return answers, has raised a nearly $100 million Series B led by Andreessen Horowitz, according to three people with knowledge of the matter.
The round valued the company between $700 million and $800 million, although TechCrunch couldn’t verify whether that valuation is pre- or post-money. (One possible scenario is $700 million pre/$800 million post.) Hebbia disclosed in an SEC filing in May that it had by then raised $93 million out of a hoped-for $100 million, but we understand from two of the people that the round hit a near $100 million mark and has closed.
Hebbia was founded in 2020 by George Sivulka, who launched the company while working on his PhD in electrical engineering at Stanford. Sivulka was inspired by his friends working in the financial industry who told him that part of their long work weeks was spent searching for information in SEC filings and other dense documents. Sivulka thought that AI could help them save hours at the office and give them more time for rest and sleep.
Read full article: https://techcrunch.com/2024/06/27/hebbia-raises-nearly-100m-seriesb-for-ai-powered-document-search-led-by-andreessen-horowitz/
