Heavier, a startup that uses generative AI to search through large volumes of documents and return answers, has raised about $100 million in a Series B round led by Andreessen Horowitz, according to three people familiar with the matter.
The round valued the company at $700 million to $800 million, though TechCrunch couldn't confirm whether it was pre- or post-money (though a possible scenario is that it was pre- or post-$700 million). One person said Emergence Capital also participated in the round. Hebbia disclosed in an SEC filing in May that it had raised $93 million to date of a $100 million goal, but two people said the round closed at closer to $100 million.
Hevia, Andreessen Horowitz and Emergence Capital did not respond to requests for comment.
Hevia was founded in 2020 by George Sivulka, a PhD candidate in electrical engineering at Stanford University. Sivulka was inspired by a friend who worked in the finance industry who told him that part of his long workday was spent searching for information in SEC filings and other dense documents. Sivulka thought that AI could help people save time in the office and give them more time for rest and sleep.
Hevia's AI can look at billions of documents at once, including PDFs, PowerPoints, spreadsheets and transcripts, and return specific answers, the company says.
The startup primarily sells its products to financial services firms such as hedge funds and investment banks, but its products could also be used by law firms and other professional sectors.
This latest funding brings Heavier's total capital to more than $120 million. The company raised $30 million in Series A in September 2022, led by Index Ventures and with participation from Radical Ventures.
The company's product is similar to Glean, a software that can pull information from a variety of business applications in plain English. In February, Glean raised $200 million in a Series D round led by Kleiner Perkins and Lightspeed at a valuation of $2.2 billion.