Raj Neervannan-cofounded AlphaSense raises $100 million

New fundraise by business intelligence firm to fuel innovation in AI and market research

US business intelligence firm AlphaSense, co-founded by Indian American technocrat Raj Neervannan, has added $100 million more to its ongoing $225 million Series D funding round to fuel innovation in AI and market intelligence.

The latest addition was undertaken by CapitalG — an independent growth fund run by Google’s parent company, Alphabet, along with existing investors such as Viking Global Investors and Goldman Sachs Asset Management’s growth equity business.

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Latest fundraise reflects AlphaSense’s leadership in AI-driven market intelligence and B2B search, enabling more confident decision-making for thousands of enterprise customers, the New York based firm announced Tuesday.

AlphaSense’s customers now include the majority of the S&P 500, nearly all of the world’s largest banks, investment firms, and consultancies, and leading companies in wide-ranging industries such as life sciences, energy, industrials, consumer goods, and technology, it said.

The company’s subscriber base has more than doubled in the past year, reflecting the business and financial world’s heightened need for market intelligence to navigate through the current economic environment.

This investment will fuel continued deployment of AlphaSense’s advanced AI capabilities, including generative AI that dramatically speeds up the research process for business and financial professionals.

AlphaSense has spent a decade building and refining its AI tech stack and amassing data to continuously train its language models, while also building its vast collection of top-tier, trustworthy business content, it said.

This makes generative AI capabilities a powerful addition for AlphaSense’s enterprise customer base, allowing them to easily access summarized insights drawn from top-tier sources, with built-in auditability so users can easily check the original content for context and validation, the release said.

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Raj Neervannan, founder and chief technology officer (CTO) of AlphaSense told Techcircle  that the additional funds will be used to scale the company’s product development, deployment and addition of headcount around the world.

In July last year, the company had raised $225 million from Viking and Goldman Sachs. The company is now valued at $1.8 billion.

Neervannan said that in the past 12 months, the company’s annual recurring revenue (ARR) has crossed $100 million and total active client base has crossed 4,000.

He added that AlphaSense has also deployed and scaled the use of generative AI to its clients, as demand increased following the proliferation of tools such as OpenAI’s ChatGPT.

“Our business model has pivoted around providing an automated supply of curated premium content on a topic, which has helped us scale our clientele to now include nearly 97% of all Dow Jones companies. But, with generative AI, we are looking at offering a human-level interpretation of intelligence to companies, and not just in the data form,” he said.

Read: Raj Neervannan-cofounded AlphaSense raises $100 million, bullish on India (April 12, 2023)

The additional funds will be used to scale AlphaSense’s deployment of generative AI in terms of its data to offer business information across global markets.

“We are now available in Europe and Asia as well, alongside North America. We’re also adding support for multiple languages — while our use cases are largely in English, we’ve recently added support for German as well,” Neervannan added.

Headquartered in New York City, AlphaSense employs over 1,000 people across offices in the U.S., U.K., Finland, Germany, and India. For more information, please visit www.alpha-sense.com.