AlphaSense Inc., the developer of a market intelligence platform used by more than 4,000 enterprises and investors, today announced that it has raised $150 million in funding.

Technology investment firm BOND led the Series E round. It was joined by Alphabet Inc.’s CapitalG venture fund, Viking Global Investors and Goldman Sachs. AlphaSense is now worth $2.5 billion, or $700 million more than after its previous funding round in April.

New York-based AlphaSense sells a market intelligence platform that asset management firms use to identify investment opportunities. It provides access to news articles, earnings reports, equity research notes and other financial data through a Google-like search bar. Using the platform, asset managers can assemble the data points needed to determine whether an investment opportunity is worthwhile.

AlphaSense counts more than 75% of the world’s largest asset management firms as customers. It also has a sizable enterprise installed base that includes more than 85% of the S&P 500. Enterprises use AlphaSense not only to find investment opportunities, but also for other tasks such as keeping track of competitors.

Alongside document-based data, AlphaSense’s platform offers access to what it describes as an expert network. The network includes more than one million executives and other experts who can brief investors about the happenings in a market of interest. A fund manager considering buying shares in a chipmaker, for example, could find semiconductor industry executives who can discuss the chipmaker’s long-term growth prospects.

AlphaSense provides artificial intelligence features to help users more quickly sift through the data in its platform. According to the company, its AI features can automatically summarize business commentary provided by expert network participants. Furthermore, the software is capable of extracting key details from earnings reports and other financial documents. 

The company plans to extend its AI capabilities following today’s funding round. In particular, it’s building large language models to help users extract insights from large volumes of financial data. According to AlphaSense, the models will be capable of analyzing not only publicly available data sources such as earnings reports but also a company’s internal information.

“The additional capital allows us to invest strategically, so we can continue to lead the generative AI revolution in our market, and deliver on our mission of helping businesses find the right data and insights to support more confident and agile decision-making,” said AlphaSense founder and Chief Executive Officer Jack Kokko.

The software maker will also put its newly raised funding to use in other ways. AlphaSense plans to grow the amount of business data available through its platform, enhance its search features and make acquisitions. It previously bought expert network operator Stream and Sentieo, which developed software for analyzing financial data.

Image: AlphaSense