2019 has been a monumental year for AlphaSense.
Among many milestones, our enterprise customer base has eclipsed the 1,000+ mark. Our team is growing alongside our customer base, with more than 200 of us in offices across the world -- two-thirds of them solely focused on developing our transformative product and making AlphaSense even more powerful for our users. And just last month, we launched Sentiment, our latest, groundbreaking Deep Learning AI algorithm that reads and interprets the tone of business and financial language; a first-of-its kind capability backed by our 10-year investment in AI algorithm development, and a mountain of proprietary training data -- all very exciting milestones.
And this is all just the beginning of the next, even more exciting chapter for AlphaSense.
Today, we are proud to announce that we have closed $50 million in Series B funding. This round was led by Innovation Endeavors, founded by Eric Schmidt, former CEO of Google, with participation from our existing investors, including Soros Fund Management and others.
“Information is the currency of business today, but data is overwhelming and fragmented, making it difficult for business professionals to find the right insights to drive key business decisions,” Schmidt said. “We were impressed by the way AlphaSense solves this with its AI and search technology, allowing businesses to proceed with the confidence that they have the right information driving their strategy.”
With this round, we’re also fortunate to welcome Rick Scanlon, Founding Partner at Innovation Endeavors, to our board.
“AlphaSense is a high-growth, product-first company with a highly differentiated AI platform and an exceptional team,” Scanlon said. “I’m really excited to join the board and I look forward to working with the company as it delivers on its visionary promise of augmented intelligence, or the best of technology and human ingenuity working together.”
There are a few key reasons to raise this capital now:
Continuing our track record of delivering groundbreaking product and technology innovation: As the first and only AI-based search engine for market intelligence, we’ll use this investment to continue to deliver the most transformative technology, helping investment firms and corporations make better, quicker, and more confident decisions that drive upside in their revenue, margins and investment returns. That means a constant focus on product development, including hefty investments in applying our deep learning AI technology to add even more intelligence and structure to the billions of data points hiding within the thousands of previously fragmented sources we aggregate for our users. We’re also continuing to constantly expand our already vast library of indexed content.
Providing world-class service to our growing client roster: We are proud to work with more than 1,000 financial firms and corporations across the globe, including more than 50 percent of the S&P 100 corporations and over 66 percent of the 50 largest global investment firms. As a trusted technology partner, we will remain relentlessly dedicated to providing world-class customer service to our exceptional clients as we continue to grow our global footprint.
Investing in our talented, global AlphaSense team: We have the most impressive and experienced employees working together everyday to solve complex problems that affect every business. In order to continue to deliver the groundbreaking product and exceptional service we’re known for, we will continue to invest in our existing team and will bring on other brilliant individuals like them in our offices across the world. If you’re interested in becoming one of them, we’re hiring!
This new round of funding recognizes the years of user-focused tech innovation, determination, grit, and uncompromising quality we have committed to building a transformative technology platform. It’s also a testament to the team and culture we have created here, with all of us sharing the same deep passion and excitement for our product and company.
We’ve come so far already, and we’re ready for so much more. We look forward to continuing to grow and to sharing more of our story with you.