Updated: AI search startup Hebbia raises $130m Series B

Updated 9 July to include reference to Fisher Phillips as a client.

New York-headquartered startup Hebbia, which describes its technology offering as “reinventing search with natural language understanding” has raised a $130M Series B from Andreessen Horowitz, Index Ventures, Google Ventures, and billionaire tech investor Peter Thiel. It’s $30m Series A was in 2022, in which Index Vendors and Peter Thiel also participated.

TechCrunch first got wind of the Series B in June, although reported that the raise was approaching $100m, based partly on an SEC filing in May.

Hebbia’s main product, Matrix, allows you to build AI agents that complete end-to-end tasks, instead of just chatting back and forth. It ingests structured and unstructured data across multiple files and formats, retrieves information when prompted, and delivers answers with citations. In addition to summarizing queries, Matrix shows the sourcing and individual steps it took to reach its conclusions.

Founded by Stanford maths and physics undergraduate George Sivulka, Hebbia has found early traction in the financial services sector, with customers including investment banking firms Centerview Partners and Charlesbank. 600-plus attorney US law firm Fisher Phillips is an existing client and legal use cases include lease extraction, customer contract analysis, due diligence and regulatory review.

Alex Immerman, a partner on the growth team at Andreessen Horowitz, who will join Hebbia’s board, said that a lot of the promise of AI has yet to be realised, but that Hebbia can change that, commenting: “Much of the innovation at the application layer has been limited to chat interfaces like ChatGPT. Inputs require precise engineering to capture value, and outputs are often verbose or untrustworthy. What’s needed is an interface that reflects the way knowledge workers work. For serious work, like financial services, that AI interface is Hebbia.”
Immerman’s post in full is here: https://a16z.com/announcement/investing-in-hebbia/
You can read Hebbia’s blog announcing the raise here: https://www.hebbia.ai/blog/hebbia-raises-usd130m-series-b



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