According to BlockBeats, on July 9, 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 people familiar with the matter, the New York-based company is currently valued at approximately $700 million.

Founded in 2020, Hebbia uses artificial intelligence technology to help companies sift through various documents to answer complex questions. Its customers include the U.S. Air Force, asset management companies, and legal services companies. Hebbia plans to use the new funds for research and to hire more software engineers.