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Hebbia Secures $100M Funding from Andreessen Horowitz for AI-Powered Document Search

Chrissie Wong

Chrissie Wong

28 Jun 2024

Hebbia has been able to successfully raise roughly one hundred million dollars for their artificial intelligence-powered document search thanks to the leadership of Andreessen Horowitz.

The company Hebbia, which uses generative artificial intelligence to search through large documents and offer answers, has reportedly secured a Series B fundraising round of over one hundred million dollars, with Andreessen Horowitz serving as the lead investor. This information comes from three individuals who are aware with the issue.

Despite the fact that TechCrunch was unable to establish whether the valuation of the company is pre-money or post-money, the round estimated that the company's valuation was anywhere between 700 million and 800 million dollars. In a filing with the Securities and Exchange Commission (SEC) that was made during the month of May, Hebbia said that it had already earned $93 million out of a target of $100 million. The round has achieved a threshold of close to one hundred million dollars and has been finished.

It was in the year 2020 when George Sivulka started the company that would later be known as Hebbia. At the time, he was attending Stanford University to earn his doctoral degree in electrical engineering. It is possible for the artificial intelligence that was built by Hebbia to evaluate billions of documents concurrently, including PDFs, PowerPoints, spreadsheets, and transcripts, and to deliver answers that are unique to each individual document. The most recent fundraising has resulted in Hisbbia's total capital exceeding 120 million dollars. This is a significant achievement.