Wall Street giants invest in an AI search engine for businesses AlphaSense

AlphaSense, an AI-powered market intelligence platform used by a host of financial institutions, 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 information from a universe of public and private content, including over 10,000 top-tier business sources.

The company boasts more than 1,800 corporate clients, many of whom use its Wall Street Insights product, which provides content from the world’s top analyst teams and brings together an exclusive collection of proprietary research and technology under one platform.

Earlier this year, AlphaSense formalized a partnership with Citi, becoming its sole aftermarket search provider in the enterprise market. Many of WSI’s content providers are participating in the funding round.

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

Holger Staude, managing director in the growth equity business at Goldman Sachs, said: “Just as search engines have become big business on the consumer side, we believe AlphaSense has the opportunity to help the business world to extract key insights from vast volumes of unstructured business information.”