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Wall Street giants invest in AI search engine for companies AlphaSense

Wall Street giants invest in AI search engine for companies AlphaSense

AlphaSense, an AI-based market intelligence platform used by a host of financial institutions, has raised $180 million in a Series C funding round co-led by Goldman Sachs and joined by Citi, Morgan Stanley and Barclays.

Viking Global Investors co-led the round, with participation from Bank of America, Wells Fargo, Cowen and AllianceBernstein.

AlphaSense's technology uses AI and natural language processing to extract relevant insights from a universe of public and private content, including over 10,000 premium business sources.

The firm claims over 1800 enterprise customers, many of which use its Wall Street Insights product, which provides content from the world's top analyst teams and brings together an exclusive collection of research and proprietary technology under one platform.

Earlier this year AlphaSense formalised a partnership with Citi, becoming its only provider of aftermarket research to the corporate market. Many of WSI's content providers are participating in the financing round.

The funding will be used to invest in product development, and expand content offerings. The firm also plans to invest in global and foreign-language content, as well as grow its customer service teams in North America and Europe, and its engineering teams in Finland, India, and New York.

Holger Staude, managing director within the growth equity business at Goldman Sachs, says: "Just like search engines have become large businesses on the consumer side, we believe AlphaSense has an opportunity to help the business world extract key insights from the vast volumes of unstructured business information."

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