New York City based provider of an AI-based search engine for market intelligence raised $50m in Series B funding led by Innovation Endeavors.
“My experience as an analyst on Wall Street showed me just how fragmented information really was,” [co-founder and CEO Jaakko (Jack) Kokko] said in an interview, citing as one example how complex sites like those of the FDA are not easy to navigate to look for new information and updates — the kind of thing that a computer would be much more adept at monitoring and flagging. “Even with the best tools and services, it still was really hard to manually get the work done, in part because of market volatility and the many factors that cause it. We can now do that with orders of magnitude more efficiency. Firms can now gather information in minutes that would have taken an hour. AlphaSense does the work of the best single analyst, or even a team of them.”