Hebbia

Hebbia has the strongest retrieval and content combination in our coverage. Its Iterative Source Decomposition architecture and multi-agent research produce answers cited to the sentence and cell, across the deepest licensed-content stack we documented: FactSet, Capital IQ, PitchBook, Preqin, Fitch, Third Bridge, ICE, Daloopa and, since October 2026, Octus. Clients include BlackRock, Carlyle, KKR, Centerview and Morgan Stanley.

The 2026 roadmap has largely shipped; capital is unchanged. Max, Matrix 2.0, the Headless API and MCP server (1 October 2026) and a Word plugin are now live, and Datasite data rooms connected on 20 October. Security badges are strong — SOC 2 Type 2, ISO 27001 and ISO 42001 — and data residency spans the US and EU. No priced round has been disclosed since July 2024, while a close peer has raised at a far higher valuation.

We lower the rating to Established, at 7.41, with a Stable outlook. The change from 8.1 reflects recalibration to the full sub-criteria standard applied to every company covered since October, not a deterioration in the business: vendor-reported metrics no longer lift scores, absent content and undocumented controls are scored as such, and Hebbia's published benchmark is treated as an evaluation of models rather than of the product. The largest moves are in Enterprise Readiness (8.20 to 7.00), Commercial Value (6.50 to 5.58) and Workflow Fit (8.00 to 7.25). Hebbia now sits in the Established Solutions quadrant, 0.09 below the Strong band.

Strengths

• Retrieval architecture. Iterative Source Decomposition and a multi-agent research system with context distillation trace every claim to a source quote.
• Licensed content depth. FactSet, Capital IQ, PitchBook, Preqin, Fitch and CreditSights, Third Bridge, ICE and Daloopa, plus filings across the US, Europe, the UK and Australasia.
• Citation discipline. Sentence- and cell-level citations, Excel cell notes and a tick-and-tie agent suit audit and compliance review.
• Tier-one client base. BlackRock, Carlyle, KKR, Centerview, Morgan Stanley and MetLife are named, and Seyfarth confirms 7m+ pages processed across about 1,000 lawyers.
• Security posture. SOC 2 Type 2, ISO 27001:2022 and ISO/IEC 42001 badges, a no-training commitment covering model providers, US and EU residency, immutable audit logs and SCIM.
• Agent-ready delivery. An API and MCP server let Hebbia run underneath Claude or ChatGPT, alongside Excel and Word add-ins.
• Shipping cadence. Monthly release disclosures since August 2025, with Max, Matrix 2.0 and Headless Hebbia in 2026.

Cautions

• Capitalisation. No priced round has been disclosed since the $130m Series B in July 2024, while Rogo raised at a reported ~$2bn in April 2026.
• Product maturity. Max, Matrix 2.0, Headless Hebbia and the Word plugin launched between July and October 2026.
• Deployment options. A dedicated tenant is the stated maximum; customer-VPC and on-premises deployment were not located.
• Governance detail. SSO/SAML, zero-data-retention terms with model providers, information-barrier controls and the subprocessor list were not located publicly; the trust centre was not readable at our review.
• Self-reported metrics. The share of large asset managers claimed has moved from 30% to over 40% without a defined denominator, and accuracy figures come from undisclosed benchmarks.
• Pricing. No price list is published; the reported $3,000–10,000 per seat comes from a single interview, and Max pricing is undisclosed.
• Competitive momentum. Press reports place Rogo's ARR ahead of Hebbia's, and OpenAI launched ChatGPT for Financial Services in September 2026 with licensed financial data built in.
• Leadership depth. Few executives beyond the CEO and CTO are named publicly.