This startup sold Wall Street on AI. Its existential challenge is doing it again.

Hebbia's president and chief technology officer, Aabhas Sharma.

Hebbia Hebbia has relaunched its core product, Matrix, to help bankers and investors dig through documents.

The company is betting that a revamped Matrix can restore its brand cachet in a crowded market.

Hebbia's CTO says that after it initially launched Matrix, "the whole market started copying it." Hebbia helped popularize AI for Wall Street.

Now it's trying to stay ahead of the companies chasing the massive opportunity.

The startup, one of the earliest companies to use AI to analyze large collections of financial documents, is overhauling its flagship product as larger rivals like Harvey and Rogo crowd one of the tech's hottest enterprise markets.

The company said Wednesday that the new version of its main product, Matrix, can take a user's request, build the table needed to do the job, and then turn the results into a memo or slide deck.

For Hebbia, the stakes are existential.

The market it once cracked open is now crowded with larger, better-funded rivals, and its core offering has become a standard feature of other apps.

Aabhas Sharma, Hebbia's chief technology officer and president, said that the new version will once again leapfrog the market.

"This is going to be our mark in the sand," he told Business Insider. 'The whole market started copying it' Founded in 2020, Hebbia built a business around a deceptively simple idea.

Chatbots were good at answering one question at a time.

Matrix lets users upload documents and ask a bunch of questions all at once.

It then searched the documents and arranged the answers in a grid: one row per document, one column per question.