Web: AlphaSense, search engine for financial professionals, raises $33M

March 2016 by: From The Web

In yet another sign of how technology is remaking Wall Street, AlphaSense, a smart financial search engine, announces Monday $33 million in funding.

Investors include Tribeca Venture Partners, Triangle Peak Partners, Quantum Strategic Partners (which is managed by Soros Fund Management), Tom Glocer, the former CEO of Thomson Reuters,as well as other individuals. This brings the company’s total funding to $35 million; Forbes previously reported $13 million, which is included in the most recent round.

“We’ve built a solid business model that is very scalable, and we have a very big market ahead of us,” says chief executive Jack Kokko. “It’s time to get aggressive and really invest in growth across multiple avenues that require significant capital.”

Brian Hirsch, co-founder and managing partner of Tribeca Venture Partners, said in a statement, “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.”

AlphaSense, which launched in 2011, offers a specialized search engine that slashes research time. From thousands of sources, including more than 1,000 sell-side research providers and more than 35,000 public corporations, the product gathers relevant public and licensed financial data such as broker research, SEC filings and press releases. It then layers on top semantic indexing that can understand financial language. This means a search for “revenue” will bring up not only documents containing that word, but also those using words like “sales” or “top line,” while excluding references to “cost of sales.” It also zeros in on the most germane references so users do not have to control-F their way through a document.


Continue Reading: Forbes