According to BlockBeats, on July 9, Bloomberg reported that artificial intelligence startup Hebbia completed a $130 million financing, led by a16z, with participation from Index Ventures, Google Ventures and billionaire Peter Thiel. According to a person familiar with the matter, the New York-based company is currently valued at approximately $700 million. Hebbia plans to use the new funds for research and to hire more software engineers.

Founded in 2020, Hebbia uses artificial intelligence to help companies sift through documents to answer complex questions. Its clients include the U.S. Air Force, asset management firms and legal services companies.