Hebbia, an AI company that utilizes generative AI to perform searches over large documents and provide accurate responses, recently raised almost $100 million in its B funding round. Andreessen Horowitz and other VC firms invested.
Image Source: Hebbia
We are discussing Hebbia Raises Nearly $100M Series B for AI-Powered Document Search led by Andreessen Horowitz:
Vision and Mission Behind Hebbia
Hebbia was founded in 2020 by George Sivulka while he was pursuing his PhD at Stanford University, and its main purpose is to transform document search. George Sivulka saw that his friends who worked in the financial industry spent countless hours reading through SEC filings and thick-bound documents. Hebbia, of course, has a very clear vision, and it’s to reach 1 billion people with capable AI by 2030. It is because they are creating AI architectures and changing the landscape at work so that information is more accessible and efficient.
Working of Hebbia
Hebbia is a generative AI technology that can scan billions of documents such as PDFs, PowerPoints, Excel spreadsheets, and transcripts. As such, it provides specific answers instead of providing heaps of information that professionals can spend hours sifting through. It targets financial service companies, hedge funds, and investment banks as its primary clientele.
Team behind Hebbia
Hebbia has a dedicated and motivated workforce to support its functioning. Hebbia was founded in 2020 by George Sivulka, a PhD student at Stanford University, although he is currently on leave. Hebbia was the first team to come up with RAG, one of the most used AI architectures worldwide. The researcher and engineer, Ken Sullivan, is participating in furthering Hebbia’s AI advancements.
His knowledge serves the company’s goal of disrupting the way people work. Some Stanford AI researchers and engineers, Max Martin, Lawrence Leeds, Charles Wagener, and Sergey Mann, are responsible for devising new strategies for Hebbia. Their purpose as a team is to revolutionize how 4+ billion people work every day by making AI that works the way you do.
Market Impact and Growth
The funding round in this company, known as Hebbia, has raised a total of more than $120 million. Glean is another player in the document search market, with which the company’s product directly competes. In February, Glean closed a $200 million Series D funding at a $2.2 billion post-money valuation.
Recent Partnerships and Collaborations
In 2022, Hebbia, a search company that uses natural language understanding to transform search, closed its Series A round at $30 million. The funding was provided by Index, supported by well-known investors, including Jerry Yang, the founder and ex-CEO of Yahoo, Ram Shriram, an early investor in Google, and Stanley Druckenmiller. Hebbia was established to help free up the remaining 96% of unstructured, private data by proposing an innovative AI-based neural search engine that surpasses contemporary machine learning data search algorithms. Their emphasis on change within the financial services sector has appeal; several big PE firms, hedge funds, consultancies, and government initiatives already use this.
Image Source: Hebbia
Conclusion
Hebbia aims to support professionals across various sectors, such as law firms and related sectors. Its Series B funding exemplifies the increased need for powerful document search tools that leverage AI. In its future developments, the company plans to change how working individuals access important data.
