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Tech company Hebbia announced Monday the completion of a $130 million Series B funding round, led by venture capital giant Andreessen Horowitz, also known as a16z.

Hebbia raises $130M Series B led by a16z : Funding Details and Future Plans

Hebbia and Andreessen Horowitz did not disclose specific plans for the new capital, though both noted the tech company is actively hiring. The announcement did not reveal Hebbia's current valuation.

Previous investors, including Index Ventures, Google Ventures, and billionaire Peter Thiel, also participated in this funding round. Additionally, a16z partner Alex Immerman will join Hebbia's board of directors. "We believe AI should be more than a transactional chatbot; it should be able to work like a human," Hebbia's founder and CEO, George Sivulka, said, referencing other AI software on the market like OpenAI's ChatGPT.

Hebbia raises $130M Series B led by a16z : About Hebbia's AI Platform

Launched in 2020, Hebbia offers an AI platform tailored to professional service providers. The company uses large language models (LLMs) to assist financial institutions, law firms, and pharmaceutical companies in managing vast amounts of data. Its platform is designed for due diligence, contract analysis, knowledge management, and portfolio management.

In March, Hebbia introduced Matrix, a tool that deconstructs users' inquiries into manageable tasks for its LLMs. On Monday, Sivulka highlighted the interface's ability to handle complex tasks and large datasets, providing outputs in spreadsheet format. Human analysts can also verify the AI's work to ensure accuracy.

Current Customers and Applications

Hebbia's current customers include asset managers, law firms, banks, and major corporations. The company's AI has been instrumental in various applications, such as mapping exposure at regional banks during the Silicon Valley Bank collapse, identifying inconsistencies in SEC financial documents, and estimating prices for private assets.

Leadership and Past Investments

"We're excited to be leading Hebbia's latest round of funding," said Alex Immerman in a statement. "I'm thrilled to be joining their board and supporting the company as we unlock the potential of LLMs for financial services and knowledge work."

In 2022, Hebbia raised $30 million in a Series A round led by Mike Volpi, a partner at Index Ventures. Other notable investors included Jerry Yang, co-founder and former CEO of Yahoo, and Ram Shriram, an early Google investor.

Andreessen Horowitz currently manages around $42 billion in assets, according to its website.

Hebbia raises $130M Series B led by a16z : New Hire Announcement

Hebbia also announced this month the hiring of Ryan Samii, a former associate at Paul Hastings LLP, as its head of legal.