- AlphaSense — an AI-based market intelligence search engine built for enterprise and investment companies — announced it raised $50 million in Series B.
AlphaSense is an AI-based market intelligence search engine built for enterprise and investment companies. And AlphaSense helps companies go through thousands of internal and external content sources to help company employees sift through data quickly.
AlphaSense now has more than 1,000 customers and the company is doubling down on its product with a new $50 million Series B round of funding. Including this round, AlphaSense’s total funding is now $90 million.
“If your entire job is based on making sure you have all the information you need to make a decision — and these are million-, billion-dollar decisions — you have to mitigate the risks of missing something,” said AlphaSense chief revenue officer Kiva Kolstein via Built In NYC. “Whatever you’re looking for, AlphaSense will find it and send you to where it exists.”
Kolstein told Built In that users can enter search terms like “Tesla’s growth in China” and it will surface that content along with related content. And since launching, the company’s product has been used by over 1,000 enterprise customers including over 50% of the S&P 100 corporations and 66% of the global investment firms.
“Just last month, we launched Sentiment, our latest, groundbreaking Deep Learning AI algorithm that reads and interprets the tone of business and financial language; a first-of-its-kind capability backed by our 10-year investment in AI algorithm development, and a mountain of proprietary training data — all very exciting milestones,” added AlphaSense CEO and founder Jaakko (Jack) Kokko in a blog post.
Using this round of funding, AlphaSense will be adding new features to its AI engine and expand upon its extensive library of content. Plus AlphaSense will be significantly growing its staff count, which is currently at 200 employees.
The lead investor in this round is Innovation Endeavors — which is an investment firm founded by former Google CEO and chairman Eric Schmidt. And Innovation Endeavors founding partner Rick Scanlon is joining AlphaSense’s board in conjunction with this round. And Soros Fund Management also participated in the round along with other existing investors.
“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,” explained Schmidt. “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.”
