AI startup Hebbia raised $130M at a $700M valuation on $13 million of profitable revenue

Hebbia raised $130M in Series B at a $700M valuation, uses AI for document search and analysis, focusing on financial institutions with future plans to expand.

: Hebbia, an AI startup founded by George Sivulka, raised $130M in Series B funding at a $700M valuation. The company's product, Matrix, helps asset managers with due diligence and asset pricing. Hebbia plans to expand its offerings to law firms and pharmaceutical companies.

Hebbia, an AI-focused startup founded by George Sivulka, has successfully raised $130 million in Series B funding, valuing the company at approximately $700 million. The funding round saw participation from Andreessen Horowitz, Index Ventures, Google Ventures, and Peter Thiel, demonstrating strong interest in profitable AI startups with substantial annual recurring revenue (ARR).

The company's primary offering, Matrix, is an AI-powered tool capable of ingesting large volumes of documents and responding to queries in a spreadsheet-like format. Initially developed as a search and summarization tool, Matrix is now utilized primarily by financial institutions such as asset managers and investment banks for tasks like due diligence and asset pricing.

Currently, Hebbia's software is used by 30% of all asset managers and notable clients include Centerview Partners, Charlesbank, and legal firm Fenwick. With the new funding, the company aims to grow its team and expand its market reach to include law firms and pharmaceutical companies, while continuing to focus on the financial services industry.