Credit Suisse has led a $20 million Series A financing round in Daloopa, a provider of AI-powered data extraction services to hedge funds, investment banks, and other financial institutions.
Headquartered in New York, Daloopa's technology removes the tedium of data entry for financial analyts by identifying and extracting useable financial data across structured and unstructured documents in dozens of languages.
The new funding was led by Credit Suisse Asset Management's Next Investors, along with participation from existing investors Nexus Venture Partners, Uncorrelated Ventures, and Hack VC. Daloopa has raised $24 million to date.
With the financing in place, the company intends to extend its software to extracting detailed financial fundamentals from the financial filings of all public companies globally
"We are at a turning point in technology where software and AI can automate some of the most mundane work for a financial analyst," said Thomas Li, Daloopa's CEO. "At Daloopa we are focused on providing levels of data accuracy surpassing 99.9%, at unprecedented speeds and scale, for some of the most complicated document types and data structures in the financial sector."