The company, which extracts insights from public and private content, enables business professionals to make data-driven decisions. AlphaSense will invest the money in market growth, especially in India.
This round brings the total funds raised by the company to $300 million since the company’s founding in 2011.
“The capital infusion will be used to further invest in product development, content expansion, and customer support, driving organic growth as well as acquisitions,” said Raj Neervannan, CTO and cofounder of AlphaSense. “Many of the companies using AlphaSense found it so valuable that they decided to invest funds in our company as well. We have momentum and are growing quickly in an under-served area.”
Neervannan said the company’s users now include a majority of S&P 500 companies, over 75% of the S&P 100, over 70% of the top asset management firms and top consultancies and the top 20 pharma/biotech companies besides growth across technology, energy and other industries.
India is both the innovation hub and a market for AlphaSense, he said. In line with this the company is doubling the talent pool in India to accelerate the adoption of this search engine.
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“India is important to us. India is at the cusp of major AI innovations. Recently, we hired a rich talent pool of employees in India who work very closely with our global teams. We are going to expand our India operations and hire 2x talent over the next few years,” Neervannan said.
He went on to add that the company intends to continue growing its India Innovation Hub, co-located in Mumbai and Pune, and accelerate its innovation journey.
“India Innovation hub is integral to our integrated R&D driven by collaboration, and co-creation to deliver high performance. It’s amazing to see India emerging as a global talent powerhouse, and Indian origin entrepreneurs making their mark globally. We will also invest in improving the user experience, expanding partnerships and M&A,” Neervannan said.
This round of funding also saw participation from other investors like Goldman Sachs Growth, Morgan Stanley, Citigroup, Bank of America, Barclays, Wells Fargo, Cowen, William Blair, and AllianceBernstein, as well as existing investors.
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