Rogo, Hebbia Revenue Rises as Claude Finance Threat Looms

AI startups that aim to supplant the grunt work of junior bankers, private equity analysts and corporate finance associates have attracted billions of dollars of funding. They also face nagging doubts about whether Anthropic and OpenAI will annihilate them before long. 

The two most highly valued finance AI startups—Rogo and Hebbia—have been trying to dislodge the naysayers with a blitz of new products, offices and newly announced customers. Both sell software and AI agents that can take written instructions and create a financial model, memo or a hundred-page pitch deck by plugging into the data providers banks pay for and into a firm's own files. Both use models from Anthropic, OpenAI and Google. 

But their growth has diverged. Rogo recently passed $50 million in annual recurring revenue, according to a person with direct knowledge of its business, up more than three times from $15 million at the end of 2025. The five-year-old startup founded by former investment bankers at Lazard and J.P. Morgan is on track to generate around $100 million in ARR by the beginning of next year, the person said. It employs more than 200 employees and has been hiring in Singapore, Tokyo and Sydney. The New York-based startup has raised $313.57 million from investors including Thrive Capital, Kleiner Perkins and Khosla Ventures, most recently valuing it at $2 billion in April. 

Meanwhile, Hebbia’s annual recurring revenue has risen to close to $50 million, a person with direct knowledge said. But it’s taken longer to reach that level than Rogo. Hebbia, founded in 2020 by a former Stanford University PhD student, was generating $13 million shortly after announcing its Series B round in July 2024, two people who have seen the pitch deck said. The person with direct knowledge confirmed the figure.