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New York-based AlphaSense, a market intelligence and search platform has announced its $180 million Series C financing round led by Viking Global Investors and the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs).
The funding round was joined by Morgan Stanley, Citi, Bank of America, Barclays, Wells Fargo Strategic Capital, Cowen Inc., and AllianceBernstein, as well as existing investors.
The latest infusion of funds signals expansion of the company's business internationally, including in India.
The company will leverage the latest capital infusion to further invest in product development, content expansion, and customer support, and to drive organic growth as well as acquisitions.
Customer Service teams
As it expands internationally, AlphaSense will continue investing in global and foreign-language content, as well as grow its customer service teams in North America and Europe, and its engineering teams in Finland, India, and New York. The company's innovation hubs in Pune and Mumbai will be seeking to hire local talent and double its cohort of developers.
Raj Neervannan, Co-founder and Chief Technology Officer of 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. 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.”
Prominent investors
The company had previously closed a $50 million Series B in July 2019, which included prominent investors such as Innovation Endeavors, Jim Simons’ Euclidean Capital, Soros Fund Management and Tribeca Venture Partners.
The platform leverages AI and NLP to gain relevant insights from an extensive range of public and private content, including over 10,000 premium business sources. The insights are meant to enable professionals to make critical decisions to improve business outcomes.
The Series C funding announcement closely follows AlphaSense’s recent expansion of Wall Street Insights (WSI). Earlier this year AlphaSense had also formalised a partnership with Citi, becoming their only provider of aftermarket research to the corporate market. Notably, many of WSI’s content providers are participating as strategic investors in this financing round.
The company’s customer base now includes the majority of S&P 500 companies, over 75 per cent of the S&P 100, 70 per cent of the top asset management firms, 76 per cent of the top consultancies, among other companies across industries such as such as energy, industrials, consumer goods, and technology, it said.
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