Founded by George Sivulka in 2020, Hebbia initially developed an AI-powered search and summarization tool before rebranding as an AI analyst. Its main product, Matrix, can process multiple files of unlimited length and respond to user inquiries in a tabular format. The company primarily sells its software to financial institutions but is looking to expand into other sectors, including law and pharmaceuticals.
Key takeaways:
- AI startup Hebbia has raised a $130 million Series B funding round at a valuation of approximately $700 million, led by Andreessen Horowitz, with participation from Index Ventures, Google Ventures and Peter Thiel.
- The company, founded by George Sivulka, uses generative AI to search large documents and respond to large questions, and has seen its revenue grow by 15x over the last 18 months.
- Hebbia's main product, Matrix, is an AI analyst that can ingest multiple files of unlimited length and respond to users' inquiries in a tabular format, and is currently used by 30% of all asset managers.
- The fresh funding will be used to grow its team, continue to sell to the financial services industry and expand to other verticals, with plans to expand its offering to law firms and pharmaceutical companies.