Prof. Matan Gavish’s Factify Secures $73 Million to Build the "Tesla of Documents" and Replace the PDF

Factify, an Israeli startup founded by Stanford-educated statistics professor Matan Gavish, has raised $63 million in a Seed round following a $10.3 million pre-Seed, an unprecedented sum for an early-stage company. The firm aims to eliminate traditional "paperwork" by replacing static PDF files with AI-driven "smart documents" that autonomously communicate, fill themselves out, and integrate directly with institutional bureaucracies.

By: AXL Media

Published: Feb 16, 2026, 4:41 AM EST

Source: Information for this report was sourced from Calcalistech

The Obsession with Killing the Static Document

Prof. Matan Gavish is a man on a mission to dismantle one of the most stubborn relics of the analog era: the PDF. Despite the rapid digitalization of entertainment, communication, and finance, document-heavy industries like insurance, healthcare, and banking still rely on static files that require manual data entry. Gavish, who established the data science program at Hebrew University and earned a PhD from Stanford’s top-ranked statistics department, views this as a "dybbuk" a spirit that has haunted him since 2014. With Factify, he is building what he calls the "Tesla of documents," a system designed from the ground up to be native to an AI-first world.

Institutional Investment in a "Huge" Idea

The financial world has responded to Gavish’s vision with rare enthusiasm. Factify recently completed a $63 million Seed round, following a lightning-fast $10.3 million pre-Seed phase in early 2024. Led by Valley Capital Partners and supported by heavyweights like Lemonade founder Shai Wininger and former Apple/Google executive John Giannandrea, the funding is intended to build an entirely new database infrastructure. Gavish argues that just as Tesla didn't simply put an electric motor in a gas car, Factify isn't trying to "fix" the PDF it is inventing a new "intelligent documentary experience" where forms call their owners to verify details and contracts "activate" themselves.

Automating Bureaucracy: From Paperwork to Infrastructure

The core value proposition of Factify is the total automation of bureaucracy. Gavish envisions a world where tax returns submit themselves by pulling data from scattered receipts, and insurance renewals happen via a brief AI-mediated conversation rather than a multi-page form. This "automation of bureaucracy" is intended to become an invisible infrastructure layer, freeing human workers from the "tedious, routine tasks" that slow down global organizations. Gavish’s goal is to make the old way of handling paperwork seem "absurd" within five years, setting a new global standard for how data is exchanged.