AlphaSense Inc., the AI-based search engine for market intelligence, has announced it has raised $50 million in Series B funding. Launched in 2011, the company’s search engine is used daily by over 1,000 enterprise customers globally, with more than 50% of the S&P 100 corporations and 66% of the 50 largest global investment firms using it.
The latest round of funding was led by Innovation Endeavors with participation from Soros Fund Management LLC and other existing investors. The company has raised more than $90 million in funding to date. The funding will be used to further develop its AI and natural language processing technology, accelerate product development, and drive global expansion of the platform.
The search engine enables investment firms and corporations to find the critical data points they need to drive strategic decisions. AlphaSense organizes and indexes over 100 million documents like private and internal company data, trade journals, newspapers, earnings call transcripts and broker research to give business professionals necessary insights required to make critical decisions.
“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.”
“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.”