AlphaSense,
provider of the revolutionary AlphaSense search engine for financial
professionals, today announced that it has secured $33 million in growth
capital from Tribeca Venture Partners, Triangle Peak Partners, and
Quantum Strategic Partners (a private investment vehicle managed by
Soros Fund Management LLC), as well as notable individual investors such
as Tom Glocer, formerly CEO of Thomson Reuters. AlphaSense launched its
service in 2011 and today serves more than 400 investment firms, banks
and corporations globally. AlphaSense will use the new capital for
product advancement and for accelerating its growth in serving its core
investment research and corporate intelligence markets, as well as its
expansion into new market verticals.
AlphaSense provides intelligent search and alerting capability across a
vast library of disparate resources giving users an information edge.
The AlphaSense search database covers clients’ in-house content
alongside thousands of external sources, including more than 1,000
sell-side research providers, and company disclosures covering more than
35,000 public corporations. The professional search functionality
leverages sophisticated natural language processing and search
technology that streamlines finding and tracking the most relevant
information. The efficiency gained from AlphaSense empowers users to
save time and make quicker and more informed decisions.
Jack Kokko, CEO and co-founder of AlphaSense, said: "While today’s web
search engines provide an enormously valuable service to consumers,
finding the right business information across a vast array of disparate
content sets remains a painfully manual process for knowledge
professionals. We are excited to be solving this major problem that
affects millions of professionals every day, and this financing arms us
with the resources to continue advancing our product and broadening our
market reach. We are grateful for the support and validation of the
visionary investors that have committed to backing our business.”
Brian Hirsch, co-founder and Managing Partner of Tribeca Venture
Partners, commented: “As a former Wall Street financial analyst, Jack
appreciates the potential benefits and consequences of catching or
missing a critical piece of information. AlphaSense’s search platform
addresses the need for knowledge professionals to quickly find all the
data points critical to their work. The company is uniquely positioned
to completely revolutionize how knowledge professionals work, proven by
its success to date with financial services firms and major
corporations. We are excited to be supporting AlphaSense in seizing upon
the incredible market opportunity ahead of it.”
Web search engines are designed for broad consumer purposes and do not
meet the needs of knowledge professionals in a business setting.
According to a study from International Data Corporation (IDC)1,
employees spend 36% of each day searching and consolidating information
rather than acting on it. Perhaps even more alarming: these workers can
only find the information necessary to perform their jobs 56% of the
time. One of the primary culprits behind this inefficiency is that
knowledge worker search is highly reliant on premium access to content,
often requiring subscriptions, leading to a vast volume of material that
exists only in disparate pockets. AlphaSense provides access to this
information in a central location, and through its intelligent search
and natural language algorithms, makes it easy for professionals to find
and capitalize on critical data points.
Financial Technology Partners served as exclusive financial and
strategic advisor to AlphaSense in this transaction.
About AlphaSense, Inc.
AlphaSense provides a revolutionary search engine for knowledge
professionals. Our clients include many of the world’s largest
investment and advisory firms, global banks and corporations. The
AlphaSense subscription service makes our clients dramatically more
productive and allows them to discover critical data points and trends
that others miss, providing them with an information edge. AlphaSense
users can rapidly search and discover key data points, while also
tracking impactful new information with intelligent alerts. AlphaSense
was recently recognized among the Forbes
Fintech 50.
1 Source: - IDC, Where Is Microsoft Going with
Cognitive Systems?, doc # lcUS25932715, September 26, 2015
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