AI startup AlphaSense valued at $2.5 billion after latest funding round

AI (Artificial Intelligence) letters and robot hand miniature in this illustration taken, June 23, 2023. REUTERS/Dado Ruvic/Illustration

(Reuters) -Market intelligence platform AlphaSense has raised $150 million in a fresh round of funding that boosted its valuation to $2.5 billion, underscoring strong demand for artificial intelligence (AI) startups.

The series E financing round was led by technology investment firm BOND and joined by existing investors including Alphabet's CapitalG, Viking Global Investors, and Goldman Sachs, AlphaSense said on Thursday.

Big Tech companies including Amazon and Microsoft have been pouring billions into securing ties with AI startups that are reshaping their industry.

When asked if AlphaSense has any plans for an initial public offering, CEO Jack Kokko told Reuters the company has "plenty of capital more than we could hope for" right now.

Investing in new initiatives, especially in generative AI, is a focus too as the company explores expanding its product offering, Kokko said in an interview.

AlphaSense helps its customers extract relevant information from a trove of public and private content such as equity research, earnings calls, company filings and news.

"Artificial intelligence tools that help you discover insights from data are scaling rapidly," said Mary Meeker, General Partner at BOND.

The fundraise will also be used to grow the firm's extensive collection of searchable business content and make strategic acquisitions that expand its platform capabilities, the company said.

BOND's investment reflects AlphaSense's strong revenue growth, the market intelligence company added in its statement.

In April, AlphaSense raised $100 million in a funding round backed by Alphabet's venture capital arm CapitalG, valuing the firm at $1.8 billion.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Devika Syamnath)

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