We’re so proud to announce our $180 million Series C fundraise, led by Viking Global and Goldman Sachs. Along with them, we are welcoming an incredible group of new investors—Morgan Stanley, Citi, Bank of America, Barclays, Wells Fargo, Cowen, and AllianceBernstein—to join us in this next chapter of our growth. I am thrilled and grateful for the collective support of our mission by such iconic Wall Street firms, both as important partners and customers, and now also as investors in our business.
AlphaSense’s product development and growth have advanced at a rapid pace, even though the worst of the pandemic. With the world going through turmoil, our clients have needed our technology more than ever in making sense of the shifting market landscape. Remote teams needed self-sufficiency with key business insights derived from credible information always at their fingertips. We’re proud to have supported them by enabling smarter business decision-making—despite all the uncertainty. And, I’ve been so grateful to see the dedication of our own team in continuing to deliver incredible innovation and customer support despite the challenging time.
Recently, our team has been hard at work on the next evolution of our product, which will deliver insights more proactively and make the discovery of critical information much easier than ever before. Some of this breakthrough AI innovation can already be seen in our latest features, like Company Topics, Dashboard, and Recommended Reads. And, we’re only getting started on that front.
Our mission, newly infused with $180M of capital, remains incredibly important, particularly now. With the war for talent more intense than ever, clients are empowering their teams with the best tools in order to both retain and attract talent. AlphaSense has been a big part of helping their teams increase job satisfaction by getting them to better business outcomes through greater efficiency—gradually removing the word “grind” from the vocabulary of knowledge professionals and how they describe their work.
All of this underpins our accelerated growth, which has exceeded everyone’s expectations—including even mine.
Growing user adoption within existing customers is always a great measure of the value we are adding. The number of AlphaSense users at our top customers has, on average, grown by nearly 20 times since they started using the product. It’s clear that AlphaSense is generating buzz within organizations and driving ever more adoption.
Today, we see companies across all sectors of the financial and corporate world quickly adopting our product— including healthcare, technology, consumer goods, energy, and virtually every other industry. Some powerful examples include SAP leveraging AlphaSense to validate their research hypotheses, Haskell leveling up their post-pandemic collaboration, and 3M overcoming information overload. We are proud of how the majority of S&P 500 companies, 75% of the S&P 100, as well as over 70% of top asset managers and top consulting firms, have all come to rely on AlphaSense to power their decision-making.
What this means for us
With our product and its value increasingly known across the business world, this latest fundraise will fuel our continued expansion and our commitment to delivering the world’s preeminent market intelligence platform. We’re doing this in two ways.
First, there’s even greater investment in product development and customer support. We’ll be growing our engineering teams in Finland, India, and New York and customer service teams in North America and Europe—all with an eye toward making our users’ experience even better. Delighting our users through an ever more amazing product that’s easy to use is a commitment that runs through our veins. This can be seen in some of our 2021 releases like the launch of AlphaSense X, which transforms the search experience and efficiency for our users, and the launch of our upgraded AlphaSense iOS app, which brings the upgraded AlphaSense X experience to our users wherever they are.
Second, we’ll continue growing our content offering, including increased investment in global and foreign-language content. Our ongoing commitment to content is exemplified in the recent introduction of ClinicalTrials.gov, PubMed, and audio for event transcripts as well as the addition of Citi and Credit Suisse to Wall Street Insights® (WSI), which makes research from the top Wall Street analyst teams around the globe available to clients through our platform.
The fact that many of WSI’s content providers are themselves joining as AlphaSense investors in this fundraise is perhaps the most powerful indicator of the importance of our role in delivering the most valuable premium content to the business world, and making it easy for everyone to access it in one place—with the best AI search technology helping to surface the most relevant insights for each user.
On a personal note
AlphaSense began with a simple idea. As an analyst at Morgan Stanley, I knew there had to be a better way to find mission-critical information in the course of my work. Raj, my co-founder and business school classmate, joined the mission, along with his vision of how to bring emerging new technologies together to solve this. But, we couldn’t make this dream a reality by ourselves.
It’s humbling to me that such a tremendous product has arisen from the hard work and dedication of so many incredibly talented colleagues, fueled by the feedback of our dedicated users—and with support from a powerful and helpful group of investors—all of whom have come to share our founding vision of empowering professionals to make smarter decisions with confidence and speed. This has only been possible—and will continue to be—because of our work together.
To everyone, including our team, customers, and investors, thank you for your support and thank you for joining our mission. We are still in our early days—I couldn’t be more excited about what comes next!
If you’re excited about our mission and our future, I would love for you to join us. See our open roles on our careers page.