• Follow us

Internet

AlphaSense, a search engine for analysis and business intel, raises $50M led by Innovation Endeavors – TechCrunch

Google and its flagship search portal opened the door to the possibilities of how to build a business empire on the back of organising and navigating the world’s information, as found on the internet. Now, a startup that’s built a search engine tailored to the needs of enterprises and their own quests for information has raised a round of funding to see if it can do the same for the B2B world.

AlphaSense, which provides a way for companies to quickly amass market intelligence around specific trends, industries and more to help them make business decisions, has closed a $50 million round of funding, a Series B that it’s planning to use to continue enhancing its product and expanding to more verticals.

The company counts some 1,000 clients on its books, with a heavy emphasis on investment banks and related financial services companies. That’s in part because of how the company got its start: Finnish co-founder and CEO Jaakko (Jack) Kokko had been an analyst at Morgan Stanley in a past life and understood the labor and time pain points of doing market research, and decided to build a platform to help shorten a good part of the information-gathering process.

“My experience as an analyst on Wall Street showed me just how fragmented information really was,” he said in an interview, citing as one example how complex sites like those of the FDA are not easy to navigate to look for new information and updates — the kind of thing that a computer would be much more adept at monitoring and flagging. “Even with the best tools and services, it still was really hard to manually get the work done, in part because of market volatility and the many factors that cause it. We can now do that with orders of magnitude more efficiency. Firms can now gather information in minutes that would have taken an hour. AlphaSense does the work of the best single analyst, or even a team of them.”

(Indeed, the “alpha” of AlphaSense appears to be a reference to finance: it’s a term that refers to the ability of a trader or portfolio manager to beat the typical market return.)

The lead investor in this round is very notable and says something about the company’s ambitions. It’s Innovation Endeavors, the VC firm backed by Eric Schmidt, who had been the CEO of none other than Google (the pace-setter and pioneer of the search-as-business model) for a decade, and then stayed on as chairman and ultimately board member of Google and then Alphabet (its later holding company) until just last June.

Schmidt presided over Google at what you could argue was its most important time, gaining speed and scale and transitioning from an academic idea into a full-fledged, huge public business whose flagship product has now entered the lexicon as a verb and (through search and other services like Android and YouTube) is a mainstay of how the vast majority of the world uses the web today. As such, he is good at spotting opportunities and gaps in the market, and while enterprise-based needs will never be as prominent as those of mass-market consumers, they can be just as lucrative.

“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,” he said in a statement. “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.”

This brings the total raised by AlphaSense to $90 million, with other investors in this round including Soros Fund Management LLC and other unnamed existing investors. Previous backers had included Tom Glocer (the former Reuters CEO who himself is working on his own fintech startup, a security firm called BlueVoyant), the MassChallenge incubator, Tribeca Venture Partners and others. Kokko said AlphaSense is not disclosing its valuation at this point. (I’m guessing though that it’s definitely on the up.)

There have been others that have worked to try to tackle the idea of providing more targeted, and business-focused, search portals, from the likes of Wolfram Alpha (another alpha!) through to Lexis Nexis and others like Bloomberg’s terminals, FactSet, Business Quant and many more.

One interesting aspect of AlphaSense is how it’s both focused on pulling in requests as well as set up to push information to its users based on previous search parameters. Currently these are set up to only provide information, but over time, there is a clear opportunity to build services to let the engines take on some of the actions based on that information, such as adjusting asking prices for sales and other transactions.

“There are all kinds of things we could do,” said Kokko. “This is a massive untapped opportunity. But we’re not taking the human out of the loop, ever. Humans are the right ones to be making final decisions, and we’re just about helping them make those faster.”

Read More



Leave A Comment

More News

TechRadar: Internet news

Xiaomi Mi A3 launched in India with triple New! 2019-08-21 05:14:01Xiaomi’s latest Android One offering has finally landed in India with the Mi A3 going official.

Apple TV Plus could let you download shows New! 2019-08-21 04:58:59Code in macOS Catalina points to download features in the upcoming Apple TV Plus streaming service.

Dell reveals most compact AIO PC ever New! 2019-08-21 04:52:12Save desk space and eliminate clutter with new Dell OptiPlex 7070 Ultra.

Best free iPad apps 2019: the top titles New! 2019-08-21 04:41:34We've dug out some real gems for your Apple tablet - iPad apps so good you won't believe they're free.

Mirrorless vs DSLR cameras: 10 key differences New! 2019-08-21 04:19:07Both offer pro features and interchangeable lenses, so how do you choose which type to go for?

Vivaldi 2.7 will stop noisy websites scaring you New! 2019-08-21 04:00:10The latest version of the browser allows you to mute tabs before they start making sound.

EMUI 10 based on Android Q offers a New! 2019-08-21 03:33:23Huawei’s latest EMUI10 brings the best features of Android Q along with a new camera app, UI design overhaul and key performance upgrades that c

OnePlus TV to debut exclusively in India next New! 2019-08-21 02:55:39OnePlus is branching out into the world of television with its first TV, which will debut in the Indian market before anywhere else in the world.

Huawei’s HarmonyOS to attain 2% smartphone market share New! 2019-08-21 02:06:27Huawei’s HarmonyOS to attain 2% smartphone market share in 2020 as more devices are expected to be launched

Realme XT, company's 64MP quad-camera beast confirmed New! 2019-08-21 00:13:08Realme XT has been confirmed to come with a 64MP quad-camera setup in India by the end of September.

Oppo Reno 2 full details leak alongside some New! 2019-08-20 22:57:28The Oppo Reno 2 has been officially announced, with several camera-centric features being shown off in teaser videos.

Sweet discounts: Amazon AU has slashed prices on New! 2019-08-20 22:52:41Save a packet on some of Samsung's top products when shopping on Amazon Australia.

TechCrunch » Enterprise

IBM is moving OpenPower Foundation to The Linux 2019-08-20 13:12:35IBM makes the Power Series chips, and as part of that has open sourced some of the underlying technologies to encourage wider use of these chips. The

H2O.ai announces $72.5M Series D led by Goldman 2019-08-20 10:50:17H2O.ai‘s mission is to democratize AI by providing a set of tools that frees companies from relying on teams of data scientists. Today it got a

Reputation.com nabs $30M more to help enterprises manage 2019-08-20 07:01:54In these days where endorsements from influential personalities online can make or break a product, a startup that’s built a business to help co

The five technical challenges Cerebras overcame in building 2019-08-19 18:38:24Superlatives abound at Cerebras, the until-today stealthy next-generation silicon chip company looking to make training a deep learning model as quick

Join The New Stack for Pancake & Podcast 2019-08-19 16:00:26Popular enterprise news and research site The New Stack is coming to TechCrunch Sessions: Enterprise on September 5 for a special Pancake & Podcas

Ally raises $8M Series A for its OKR 2019-08-19 13:40:04OKRs, or Objectives and Key Results, are a popular planning method in Silicon Valley. Like most of those methods that make you fill in some form once

The five great reasons to attend TechCrunch’s Enterprise 2019-08-19 11:36:07The vast enterprise tech category is Silicon Valley’s richest, and today it’s poised to change faster than ever before. That’s proba

Microsoft acquires jClarity, a Java performance tuning tool 2019-08-19 11:26:00Microsoft announced this morning that it was acquiring jClarity, a service designed to tune the performance of Java applications. It will be doing tha

Simon Data hauls in $30M Series C to 2019-08-19 10:25:26As businesses use an increasing variety of marketing software solutions, the goal around collecting all of that data is to improve customer experience

Microsoft Azure CTO Mark Russinovich will join us 2019-08-15 15:49:24Being the CTO for one of the three major hypercloud providers may seem like enough of a job for most people, but Mark Russinovich, the CTO of Microsof

How Facebook does IT 2019-08-15 12:24:55If you have ever worked at any sizable company, the word “IT” probably doesn’t conjure up many warm feelings. If you’re workin

Alibaba cloud biz is on a run rate 2019-08-15 12:00:36Alibaba announced its earnings today, and the Chinese e-commerce giant got a nice lift from its cloud business, which grew 66% to more than $1.1 billi

Digital Trends

How to descale a Keurig New! 2019-08-20 19:42:23Here's how to descale a Keurig in your home or office. When scale builds up inside a Keurig, the coffeemaker might start more slowly and struggle to

How to watch NFL games online, with or New! 2019-08-20 19:33:27The NFL's 2019 season is ramping up, and we know you don't want to miss a moment of the action. Our comprehensive streaming guide will show you all

All cross-platform games available now for consoles and New! 2019-08-20 19:27:07Crossplay is still in its infancy, but a growing number of games support online multiplayer between competing platforms. Here's a list of all games t

OnePlus TV: Everything we know about the upcoming New! 2019-08-20 19:16:38It's no secret that OnePlus is working on a range of 4K TVs. Heck, we've known that since CEO Pete Lau announced the endeavor in 2018. But more deta

See the bad guys much more clearly with New! 2019-08-20 19:04:05The North American company Defender announced the launch of its new 4K resolution security system called the Defender 4K. Defender hopes to set itself

Keep active and get a refurbished Fitbit Charge New! 2019-08-20 19:00:57The Fitbit Charge 2 has long been the company’s bestselling fitness tracker. Affordably priced and filled with health features, it has now been

These are the best deals this week on New! 2019-08-20 19:00:32Everyone makes wireless chargers these days, making it challenging to find a quality one because there's so much junk out there. But we've taken a b

The Nokia 3V phone will soon be available New! 2019-08-20 18:47:10Nokia has announced a new Verizon-exclusive phone called the Nokia 3V. The Nokia 3V boasts a relatively modern design compared to other phones in this

Microsoft Chromium Edge hands-on review: A first look New! 2019-08-20 18:45:36We recently installed one of the preview versions of Microsoft's new Chromium-based Edge browser, and there's now a lot that makes it feel Chrome, b

Spider-Man no more: Sony and Disney split might New! 2019-08-20 18:38:58Spider-Man may no longer part of the Marvel Cinematic Universe after Sony, which owns the big-screen rights to the webslinger, and Disney struggle to

PS5: Here’s everything we know about the PlayStation New! 2019-08-20 18:30:39PlayStation 5 rumors have circulated for over a year, but there's still plenty we don't know. Here's everything you need to know about the PS5, inc

From great deal to blazing dumpster fire: A New! 2019-08-20 18:26:01Troubled subscription-based movie service MoviePass is making headlines on a daily basis lately, and not in a good way. Here's a timeline of events f


Disclaimer and Notice:WorldProNews.com is not responsible of these news or any information published on this website.