Startup Raises $130M for AI-Powered Business Intelligence Platform

Google Ventures and PayPal co-founder Peter Thiel among backers of AI enterprise platform Hebbia

Ben Wodecki, Jr. Editor

July 12, 2024

2 Min Read
A person sat at a desk working on business data analytics dashboards
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Hebbia, a New York-based AI startup, has raised $130 million in series B funding to revolutionize enterprise workflows with its AI-powered platform, Matrix.

Founded in 2020, New York-based Hebbia is trying to reinvent how people work: building an AI-powered platform where users can unearth insights and information from AI agents relevant to their workflows.

Google Ventures, Andreessen Horowitz and Index Ventures invested in the startup. They were joined by PayPal co-founder and billionaire tech investor Peter Thiel.

Hebbia also announced its revenue has grown 15 times over the last 18 months.

The startup claims to have accounted for more than 2% of OpenAI’s daily compute volume. Hebbia uses OpenAI’s models as the underlying foundation for its platform.

“AI is undoubtedly the most important technology of our lives. But technology doesn’t drive revolutions, products do,” said George Sivulka, Hebbia’s founder and CEO. “At Hebbia, we believe we’re building the most important software product of the next 100 years. We’re not settling for anything less.”

Major AI developers like OpenAI and Anthropic offer enterprises subscription-based access to their chatbot applications. Hebbia, on the other hand, offers a more tailored platform solution that provides industry-specific insights.

Related:Generative AI Could Revolutionize Business Analytics

Hebbia's Matrix platform lets enterprise users input their data and its AI agents carry out tasks. For example, Matrix could analyze a group of documents to determine portfolio exposures or assess business opportunities and deals.

Hebbia’s Matrix platform combines OpenAI’s model with knowledge retrieval, or Retrieval-Augmented Generation (RAG). This enables an AI system to generate more accurate answers as it’s connected to data sources beyond the initial model’s corpus.

The startup describes Matrix as a “transactional chatbot” that humans can intuitively use to streamline workflows.

Hebbia says it counts Fortune 100 companies among its user base, as well as asset managers, law firms and banks.

Matrix users have used the platform to find inconsistencies in cybersecurity tests and priced private assets by analyzing contracts and other related documents.

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

Hebbia isn’t the only startup looking to augment enterprise workloads with AI. Typeface, Glean and Vectara all offer similar solutions. There’s also competition from a major tech player in IBM with its watsonX generative AI platform.

Related:Singapore Data Platform Raises $105M, Revenue Surges Sevenfold

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ChatGPT / Generative AI

About the Author

Ben Wodecki

Jr. Editor

Ben Wodecki is the Jr. Editor of AI Business, covering a wide range of AI content. Ben joined the team in March 2021 as assistant editor and was promoted to Jr. Editor. He has written for The New Statesman, Intellectual Property Magazine, and The Telegraph India, among others. He holds an MSc in Digital Journalism from Middlesex University.

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