The AI-driven complex query tool is already in use by a diverse array of clients. Credit: Deemerwha studio/Shutterstock.

Hebbia, an artificial intelligence (AI) startup from the US, has raised $130m in a Series B funding round.  

The investment was led by Andreessen Horowitz, with participation from Index Ventures, Google Ventures, and tech investor Peter Thiel.  

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According to a Bloomberg report, this latest funding round has elevated Hebbia’s valuation to approximately $700m.  

The company plans to use the funds from this round towards further research and the expansion of its software engineering team. 

Established in 2020, Hebbia’s software that can analyse a wide range of digitised documents and data sources, including regulatory filings, PDFs, and even audio and video clips.  

The company’s technology is said to enable users to tackle more complex queries than those typically handled by consumer-facing chatbots. 

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Hebbia’s approach to displaying results is particularly granular, which aids users in verifying the accuracy of responses.  

This feature is critical in addressing corporate concerns regarding the potential for AI to generate inaccurate information.  

The AI-driven complex query tool is already in use by a diverse array of clients, including asset managers, law firms, banks, Fortune 100 companies and the US Air Force.  

During the recent crisis involving Silicon Valley Bank (SVB), Hebbia’s technology was used by asset managers to map their exposure to regional banks by analysing millions of documents, the startup said.  

In addition, activist investors utilised the tool to detect inconsistencies across more than 8K regulatory filings, a task that would be daunting for humans alone.  

Corporate lawyers also leverage Hebbia’s software to gain a negotiation advantage by encapsulating “market” terms in real-time.  

In other use cases, thousands of ad hoc AI agents have been used to price private assets more effectively, conduct new types of due diligence, and screen a greater number of opportunities, Hebbia added.