Mumbai and New York-based market intelligence and search platform, AlphaSense has raised $180 Mn in a Series C funding round led by Viking Global Investors and the Growth Equity Business within Goldman Sachs Asset Management.
Other participants include Morgan Stanley, Citi, Bank of America, Barclays, Well Fargo Strategic Capital, Cowen Inc., AllianceBernstein and some existing investors. The startup closed its Series B funding round with $50 Mn in 2019.
AlphaSense will invest the raised funds in product development, content expansion, and customer support. According to Raj Neervannan, cofounder and CTO of AlphaSense, the investment will be used towards expanding the company’s India operations, and the startup plans on doubling its ‘innovation hubs’ in Pune and Mumbai.
The startup employs more than 450 employees worldwide, around 140 of whom are based out of India. It has already begun efforts to hire more employees in the country.
Founded in 2007 by Jack Kokko and Raj Neervannan, AlphaSense is a market intelligence platform that helps its clients make decisions with data driven insights using Artificial Intelligence and Natural Language Processing via its flagship product — Wall Street Insights.
Holger Straude, a Managing Director within the Growth Equity Business at Goldman Sachs said, “Just like search engines have become large businesses on the consumer side, we believe AlphaSense has an opportunity to help the business world extract key insights.”
The startup claims to have a user base that includes a majority of S&P 500 companies and over 75% of the total S&P 100 companies including .
AlphaSense’s competitors include Israel-based Zirra, USA based Yewno, Boston Analytics among others. It also competes with Bengaluru based Tracxn recently filed its draft red herring prospectus with the market regulator to raise funds.
According to Gartner, the global analytics and business intelligence market marked revenues of $24.8 billion in 2019.
Update: We updated the title for accuracy, as it had misquoted the funding figure earlier