Hebbia Confirms $130m Investment From Andreessen Horowitz + Google Ventures

Fintech and legal tech startup Hebbia has raised $130m in a Series B investment round led by Andreessen Horowitz, with support from Index Ventures, Google Ventures, and Peter Thiel. Last week Artificial Lawyer covered how Ryan Samii had become its new Head of Legal to drive its growth strategy in this sector – and now they have confirmed a rumoured major funding round.

The company also stated today that: ‘Over the last 18 months, we grew revenue 15X, quintupled headcount, [and] drove over 2% of OpenAI’s daily volume.’

As noted in the AL article, Hebbia focuses on its Matrix product, which was explained this way:

As demonstrated to AL by Samii, one of its key features is what they call the Matrix, which is where they are able to place multiple, long and complex documents side-by-side in rows on your screen, and then extract and compare data across the entire corpus, via multiple prompts.

This allows what would otherwise be a very intensive and challenging piece of work to be reduced to a much more fluid process, topped off with natural language Q&A. For example, a bundle of side letters from participants in a major investment can be examined and queried all at once in unison, with key data extracted and comparisons made based on what you want to know.

This allows Hebbia to ‘take on the rote work of financial analysts, which could include comparing earnings reports, or [investor] call summaries, so investors can make decisions’ Samii explained.

The company also stresses that it is multi-modal and multi-model, i.e. it can work with different LLMs and also different types of data, in fact it states: ‘AI should work over any type of information and any modality of data.  Whether it’s a scan of a picture, or tables nested inside other tables, Hebbia seamlessly ingests your most complex documents.’

The company adds that it can ‘leverage your firm’s knowledge over any LLM (OpenAI, Anthropic, and more) orchestrated to cite its answers’. And that the Matrix ‘reads all file types and hooks into any source of private data in addition to millions of built-in sources, e.g. SEC Filings, earnings transcripts and expert calls’.

Samii also said that they have been developing ‘AI agents to take on specific steps in KM work’. They have also developed what they believe to be a highly accurate approach that goes beyond traditional RAG methods.

Commenting on the new investment today, Hebbia’s CEO, George Sivulka, added in a blog post: ‘There have been seven major technological revolutions in human history: fire, agriculture, the wheel, repeatable manufacturing, electricity, the internet, and AI.

‘Alongside each– a product is what really drove change. Fire became useful with torches. Wheels became powerful with the chariot.AI is undoubtedly the most important technology of our lives. But technology doesn’t drive revolutions– products do. Hebbia is building the human layer – the product layer – to AI.

‘We believe AI should be more than a transactional chatbot – it should be able to work like a human.We’ve built AI that works the way you work, and a new interface that shows its work.

‘Designed for the knowledge worker, Hebbia lets you instruct AI agents to complete tasks exactly the way you do them – no task too complex, no dataset too large, and with full flexibility and transparency of a spreadsheet (or a human analyst!).

‘I’m excited for a world of unbound progress– one where AI agents contribute more to global GDP than every human employee. I believe that Hebbia is going to get us there.

‘Hebbia is already deployed at scale at the world’s leading asset managers, law firms, banks and Fortune 100 companies. Our customers have already redefined how they work— creating analyses in Hebbia that were never before possible:

‘During the SVB crisis, asset managers instantly mapped exposure to regional banks across millions of documents. While filing proxy attacks, activist investors found inconsistencies across more 8Ks than humans alone could process. Corporate lawyers gained a negotiation edge by quantifiably encapsulating “market” terms in real time. And thousands of ad hoc AI agents priced private assets more effectively, ran new kinds of diligence, screened more opportunities, and more…

‘Financial markets and professional services are not ready for massive disruption that is coming. If you want to be on the forefront of that change – come demo the future.

‘I’m incredibly proud of the Hebbia team. Over the last 18 months, we grew revenue 15X, quintupled headcount, drove over 2% of OpenAI’s daily volume, and laid the groundwork for customers to redefine how they work.

‘But I’m even more proud of the mission we wake up every day to tackle: At Hebbia, we believe we’re building the most important software product of the next 100 years. We’re not settling for anything less.’

So, there you go. Add that to the funding going into Leya, Harvey and others, then we have a lot going on. This investment is also of strategic proportions and will help feed the growth of Hebbia as it moves into the legal market.

One thing is for sure: genAI-first companies are growing and growing.