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Credit Suisse leads $20 million round in financial data company Daloopa

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."

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Editorial | what does this mean?

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Comments: (1)

Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 20 July, 2021, 11:01

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Matt Levine recently commented that one of the big problems in finance is that bankers become bankers because they don't like reading. Daloopa indeed solves a big problem in the industry. I first heard about Daloopa from its sponsored ads in Byrne Hobart's newsletter, from which I also learned that 80% of the time spent by financial analysts goes towards manually extracting qualitative and quantitative data from statutory filings of companies and other long PDF reports. May Daloopa give the Dr. Michael Burry advantage to everyone in finance. (For the uninitiated, Dr. MB is one of the big shorts featured in Michael Lewis's eponymous book, whose secret sauce was his ability to pore through long winding reports and spot gotchas that most other financial analysts miss).