More Than 1,000 Enterprise Customers Use the Platform to Search and Monitor Thousands of Previously Fragmented Data Sources, Enabling Better, Quicker and More Confident Decision Making
AlphaSense, Inc., the leading AI-based search engine for market intelligence, enabling investment firms and corporations to find the critical data points they need to drive strategic decisions, announced it has secured $50 million in Series B funding. The funding round was led by Innovation Endeavors with participation from Soros Fund Management LLC through its private investment vehicle, and other existing investors. Launched in 2011, the company has raised more than $90 million in total funding and is used daily by more than 1,000 enterprise customers worldwide. AlphaSense will use the financing to further develop its groundbreaking AI and natural language processing technology, accelerate product development, and drive global expansion of the platform.
“Information is the currency of business today, but data is overwhelming and fragmented, making it difficult for business professionals to find the right insights to drive key business decisions,” said Eric Schmidt, former CEO of Google, and Founding Partner of Innovation Endeavors. “We were impressed by the way AlphaSense solves this with its AI and search technology, allowing businesses to proceed with the confidence that they have the right information driving their strategy.”
Through proprietary semantic search, AlphaSense organizes and indexes more than 100 million documents such as SEC filings, broker research, earnings call transcripts, private company data, newspapers, trade journals, as well as internal company data and presentations, to provide business professionals with the insights necessary to make critical decisions quickly and confidently. Used by over 1,000 enterprise customers, including more than 50% of the S&P 100 corporations and 66% of the 50 largest global investment firms, the platform leverages groundbreaking AI and NLP to get the right real-time insights to its users, saving them hours and providing the confidence of not missing pivotal information.
“At AlphaSense, we are committed to providing a transformative solution to a problem that affects all large companies across every industry,” said Jack Kokko, CEO and Co-founder of AlphaSense. “We are excited to be backed by Eric Schmidt and the Innovation Endeavors team, and remain focused on helping knowledge workers worldwide acquire critical business insights and data with great speed and confidence.”
With the funding, AlphaSense plans to double down on product development and will continue to invest heavily in applying its deep learning AI technology to add intelligence and structure to the massive amounts of unstructured information that currently exist and are being created every day. AlphaSense will also continue to add innovative functionality that helps professionals get to the right information efficiently, and will expand the content and reports in its already extensive library. Finally, with rapid growth within its international client roster, the company will invest in accelerating its global client footprint and customer service.
Rick Scanlon, Founding Partner at Innovation Endeavors, led the AlphaSense investment and joined the company’s board. Scanlon noted, “AlphaSense is a high-growth, product-first company with a highly differentiated AI platform and an exceptional team. I’m really excited to join the board and I look forward to working with the company as it delivers on its visionary promise of augmented intelligence, or the best of technology and human ingenuity working together.” Scanlon has previously backed several highly successful New York-based B2B businesses, including Yext, Datorama, Dynamic Yield, and Taboola.
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