Bloomberg competitor AlphaSense closes in on $2.5 billion valuation
Riding the AI wave, market intelligence and research firm AlphaSense is nearing a close on $150 million at a $2.5 billion valuation.
Why it matters: The recent rush to all things AI has taken a bite out of fintech funding, but Alphasense is benefitting from having a foot in each camp.
Details: The Series E deal will be announced in coming weeks, a source with knowledge of the matters tells Axios.
- AlphaSense is considering using the funding for acquisitions, per Bloomberg, which originally reported the fundraising.
Background: A competitor to the Bloomberg terminal, AlphaSense has been using AI to sort and categorize vast amounts of data on companies, including regulatory filings and earnings calls.
- It has since begun using generative AI to summarize such documents, collating bank analysts point of view on a stock, as one example.
Context: AlphaSense last raised at a $1.8 billion valuation, with CapitalG leading the round.
- That was a small step up from the company's $1.7 billion valuation in June 2022, which Viking Global Investors and Goldman Sachs Asset Management led.
The big picture: Investors are focusing more time on AI, contributing to the current funding slowdown, but fintech investors also see AI bolstering the sector in the long term.
AlphaSense declined to comment.