AlphaSense Market Intelligence Platform Raises $ 180 Million in Series C Funding
AlphaSense, a leading market intelligence and research platform, on Friday announced its $ 180 million Series C funding round led by Viking Global Investors and the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs), joined by Morgan Stanley, Citi, Bank of America, Barclays, Wells Fargo Strategic Capital, Cowen Inc. and AllianceBernstein, as well as existing investors.
The capital injection will be used to invest further in product development, content expansion and customer support, and to drive organic growth as well as acquisitions. The company previously closed a $ 50 million Series B funding round in July 2019, which included leading investors such as Innovation Endeavors, Euclidian Capital by Jim Simons, Soros Fund Management and Tribeca Venture Partners.
The New York-based company has innovation hubs in Pune and Mumbai. Raj Neervannan, Co-Founder and CTO of AlphaSense, said: “AlphaSense has become the market intelligence platform and business search engine of choice for global brands such as 3M, SAP and Siemens. . Through investments from the world’s leading financial institutions, we are actively working to expand our operations in India. Over the next two years, we intend to intensify the research and development of our platform, and doubling our innovation hub in Pune and Mumbai will help greatly.
AlphaSense’s technology leverages AI and NLP to extract relevant information from a vast universe of public and private content, including over 10,000 premium commercial sources. This enables professionals to make critical decisions with confidence and speed, thereby improving business performance and results.
The Series C funding announcement closely follows the recent expansion of Wall Street Insights (WSI) AlphaSense, which provides content from the world’s top analyst teams and brings together a collection of proprietary research and technologies under one single platform.
The recent growth of AlphaSense is driven by strong adoption in the enterprise market, as well as continued penetration of financial services. The company’s client base now includes majority of S&P 500 companies, over 75% of S&P 100, 70% of top asset management companies, 76% of top consulting firms, all top 20 pharmaceutical companies and leading companies in – various sectors such as energy, industry, consumer goods and technology.
In addition to growth across all industries, user-per-customer adoption has grown nearly 20-fold as the platform attracts knowledge workers in a wide range of roles including strategy, competitive intelligence, investor relations, business development and financial analysis, in addition to investment analysts. and portfolio managers.
“AlphaSense provides relevant market information to many of the world’s leading companies, helping them make more effective decisions,” said Holger Staude, Managing Director of Growth Equity at Goldman Sachs. “Just as search engines have become big businesses on the consumer side, we believe AlphaSense has an opportunity to help the business community extract key insights from the vast volumes of unstructured business information. “
This funding round will be used to invest in product development and expand content offerings – today spanning both public and private companies and including company records, event transcripts, news, trade journals, regulatory content, equity research, etc. relevant and accurate search results for users around the world. As it continues to expand internationally, AlphaSense will continue to invest in global and foreign language content, as well as develop its customer service teams in North America and Europe, and its engineering teams in Finland, in India and New York.