A diligence accelerator is not a decision system.
Hebbia is excellent at one thing: getting answers out of a data room faster. The question Capital Refinery answers is the one that comes after — what happens to that intelligence the moment the wire goes through.
What Hebbia does well, and where the line is.
What Hebbia is built for
Generative search and synthesis across diligence documents.
Multi-document Q&A, citation-backed extraction, and analyst-grade synthesis on the contents of a data room. For deal teams under time pressure during diligence, it shortens the time from raw documents to a working understanding of a target.
What it is not built for
Continuous decision governance after the deal closes.
Hebbia operates inside the diligence window. It does not maintain a structured investment record bound to the IC decision. It does not connect operator data flowing in post-close to the assumptions that justified the entry price. It is a diligence tool, not a decision system.
Where Capital Refinery sits next to it
On the other side of close — running the governed loop.
Capital Refinery starts where Hebbia ends. The structured investment record locks at IC. From there, the four-stage loop begins: signal surfaces what is changing, scenario shows what breaks, intervention assigns action, and output produces the defensible record. Hebbia accelerates entry. Capital Refinery governs what comes after.
Where the lines fall.
| Capability | Hebbia | Capital Refinery |
|---|---|---|
| Diligence-window document Q&A | Strong — core capability | Not the goal — uses deterministic extraction |
| Structured investment record at IC | No | Yes — bound at approval, with thesis and conditions |
| Operator data → entry assumption mapping | No | Yes — the data model |
| Decision validity scoring | No | Yes — live across the position |
| Time-to-consequence ranking | No | Yes — across the book |
| Provenance trail to source page | Yes — strong | Yes — every figure has a candidate ID |
Institutional readiness measurement
Hebbia solves AI-powered document retrieval and summarization across diligence corpora. Capital Refinery operates a category Hebbia doesn’t: institutional readiness measurement — grading operating businesses against the same 10-axis framework that buy-side ICs, lender credit committees, and LPs use to evaluate. The artifact carries a deterministic fingerprint and a public verification URL.
The two product surfaces don’t compete — they operate at different layers of the stack. Hebbia handles document retrieval and summarization on the diligence corpus; Capital Refinery handles structural readiness measurement on the business itself and decision integrity through the lifecycle. See institutional readiness and the same-engine architecture for the dimension Hebbia doesn’t address.
See how the two fit together.
If your team already runs Hebbia for diligence, the natural next question is what governs the position after close. Bring us a deal you closed last quarter — we'll show you on real data.
Keep Hebbia if you need generative diligence retrieval across a document corpus. Use Capital Refinery when you need a neutral, evidence-backed readiness artifact that shows what will survive institutional review.
Capital Refinery is the institutional measurement layer. It does not replace Hebbia; it sits next to it. The decision to engage is a routing decision, not a swap.
When to use CRIf Hebbia is already pulling the right passages out of the data room but your IC still can’t agree on whether the underlying KPIs tie out across the QoE, the CIM, and the operating files, that’s when Capital Refinery’s deterministic extraction and reconciled-conflicts layer enters. CR doesn’t re-read the documents — it grades the answers Hebbia surfaced against firm-policy thresholds and locks them to the IC record.
Working with an advisor or AI consultant? Use CR as the independent measurement layer via the Modernization Impact Review. Want to shape the methodology? Apply as a design partner.