Heavya 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 between $700 million and $800 million, though TechCrunch was unable to verify whether that was the pre-money or post-money valuation (a possible scenario is $700 million pre-money and $800 million post-money). Hevia revealed this in a filing with the SEC in May. The company had raised $93 million by then of a $100 million goal, but two people familiar with the matter said the round closed at closer to $100 million.
Hevia and Andreessen Horowitz did not respond to requests for comment.
Hevia was founded in 2020 by George Sivulka, who started the company while pursuing a PhD 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 Hevia’s total capital to over $120 million. The company raised $30 million in Series A in September 2022, led by Index Ventures 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.