AlphaSense, an AI Search Engine for corporations, raised USD 180 million in a Series C round co-led by Goldman Sachs and Viking Global on 30 September 2021.
Investors: Goldman Sachs and Viking Global co-led the latest round of funding with participation from CitiBank, Morgan Stanley, Bank of America, Barclays and Well Fargo Strategic Capital, Cowen Inc., and AllianceBernstein, as well as existing investors.
The Objectives behind the funding: The company plans to deploy the current proceeds to diversify its content in terms of geography and language, product development, offer more industry-specific content and drive organic growth as well as acquisitions.
About AlphaSense
Founded in 2011 by Jack Kokko and Raj Neervannan, AlphaSense is a market intelligence platform used by the world’s leading companies and financial institutions to make critical decisions with confidence and speed. Its platform delivers insights from an extensive universe of public and private content—including company filings, event transcripts, news, trade journals, and equity research.
What the Founders have to say:
Raj Neervannan, Co-founder and Chief Technology Officer, AlphaSense, said, “AlphaSense has emerged as the market intelligence platform and business search engine of choice for global brands such as 3M, SAP, and Siemens. With investment from the world’s leading financial institutions, we are aggressively working towards expanding our India operations.” “Back then, we were already benefiting from consumer search engines like Google, but nobody had built a search engine for business or finance, and that seemed like a huge gap,” he added.
“In the next two years, we intend to scale the research and development of our platform, and a huge contributor to this will be the doubling of our innovation hub in Pune and Mumbai.”
“We’re big believers in the power of what machine learning and natural language processing can do,” Kokko says. “You’re building this intelligent machine that thinks like a human analyst. That was the original vision: replicating the thought process of an analyst that I’ve always been going through myself.”
What the Investors have to say:
“Jack has ambitions to take the product far further than what you see today, and that plan is part of what led us to bet on him and the AlphaSense team. AlphaSense provides relevant market intelligence to many of the world’s leading companies, helping them to make impactful decisions more effectively,” says Holger Staude, managing director of Goldman Sachs Growth Equity business.“We believe AlphaSense has built a strong position in both tech and content partnerships that would be challenging to replicate,” he says.
“They’ve done a very good job over the last number of years building up their market share in that space,” says Gavin Skinner, global COO for research at Citi. “It’s a pretty simple decision; they’ve got more market share with the corporate market space than any of the other providers out there.”
The global search engine market is projected to grow at a CAGR of 4.3% from 2017 to 2030. AlphaSense’s platform is corporate and financial institution-specific and holds a significant market share in the corporate industry space.
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