Highlights:

  • The New York-based business, which is currently valued at USD 1.8 billion, plans to use the funds to expand its sales force.
  • AlphaSense helps financial professionals to monitor major developments in a specific industry and analyze long-term trends.

AlphaSense Inc., a market information platform producer popular among investors and large corporations, has raised USD 100 million in new capital.

The round, announced recently, was led by Alphabet Inc.’s CapitalG startup fund. Goldman Sachs and Viking Global Investors were also present. The funding builds on a USD 225 million Series D investment AlphaSense made last year.

The New York-based business, currently valued at USD 1.8 billion, plans to use the funds to expand its sales force. It also plans to look into new acquisitions and expand the features of its namesake market intelligence platform.

The AlphaSense platform allows financial professionals to find information on companies in which they are interested swiftly. Data is gathered from stock research notes, regulatory filings, newspapers, and other sources. Users can search for financial data using a search box that accepts natural language queries.

AlphaSense can provide market-level information in addition to corporate data. It helps financial professionals to monitor major developments in a specific industry and analyze long-term trends. Customers can, for example, know more about discovering significant research or upcoming regulatory changes in a specific industry.

Not just investors but also businesses use the platform. According to the startup, a corporation can use its platform to track competitor behavior. Its search engine is also useful for other activities, such as locating potential acquisition candidates.

The startup’s customers include 85% of the S and amp;P 500 stock market index companies. Three-quarters of the world’s leading investment firms, according to AlphaSense, are also clients. In total, AlphaSense has over 4,000 customers worldwide.

Founder and Chief Executive Officer Jack Kokko said, “Every company’s enterprise value is a cumulative sum of the decisions they make – and our mission is to improve strategic decision-making for businesses worldwide. This financing and partnership will help accelerate that even further.”

As told to CNBC, the startup’s annual recurring income reaches USD 100 million. AlphaSense also stated that it intends to go public in the future.

The business plans to enhance its platform with generative artificial intelligence capabilities shortly. The goal is to build an AI tool to summarize financial data for users to make analysis easier. According to AlphaSense, the tool will incorporate auditing features to ensure the accuracy of automated summaries.

CapitalG’s investment in AlphaSense coincides with Alphabet’s increased emphasis on generative AI models. It unveiled Bard, a generative AI chatbot, in February. Sundar Pichai, CEO of Alphabet and Google LLC, revealed last week that the business aims to add a comparable chatbot to its search engine.