New York-based AI startup Hebbia has raised $130 in a new funding round.
The company plans to use the funding, announced on its website Monday (July 8), as it continues to refine its tool, which uses artificial intelligence (AI) to search through documents and answer complex queries.
The Series B round was led by Andreessen Horowitz, along with investments from Index Ventures, Google Ventures and billionaire tech investor Peter Thiel.
“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,” the company said.
The announcement provides examples of how Hebbia’s product has helped its clients. For example, during the Silicon Valley Bank crisis, asset managers were able to sift through millions of documents to determine exposure to regional banks.
“It can execute complex workflows, not just chat back and forth,” George Sivulka, Hebbia’s founder and chief executive officer, told Bloomberg News.
That report, citing a source familiar with the matter, said the funding round has valued Hebbia at around $700 million.
The funding comes as AI continues to be integrated into the enterprise setting, as PYMNTS wrote in a report last week.
“The ChatGPT light bulb went off in everybody’s head, and it brought artificial intelligence and state-of-the-art deep learning into the public discourse,” Andy Hock, senior vice president of product and strategy at Cerebras, told PYMNTS. “And from an enterprise standpoint, a light bulb went off in the heads of many Fortune 1000 CIOs and CTOs, too.”
Among the most immediate benefits of AI in enterprise environments is the automation of repetitive and mundane tasks.
Robotic Process Automation (RPA), coupled with AI, lets organizations handle high-volume, repetitive tasks with more efficiency and accuracy than human labor. This includes things like data entry, invoice processing, payroll management and routine administrative duties.
New PYMNTS Intelligence in the June report “SMBs Race to Critical Mass on AI Usage” shows that 96% of small to medium-sized businesses (SMBs) that have used AI tools view it as an effective way to streamline tasks.
And a new report from Andreessen Horowitz finds that AI use in accounting can revolutionize traditionally tedious tasks like bookkeeping, tax preparation and auditing.
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