NEW YORK, July 15, 2021 /PRNewswire/ -- Daloopa announced today that it has closed $20 million in Series A financing to accelerate its AI-driven data extraction offerings for financial institutions. The new funding round 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. Credit Suisse Asset Management's NEXT Investors and Nexus Venture Partners will each assign a member to the Board of Directors.
Data extraction often is a repetitive, complex, technology-less process in a large number of financial services roles where hundreds of thousands of highly-skilled professionals collectively spend millions of hours each year typing data from a file into a spreadsheet. Conventional methods to obtain data from documents are time-consuming and un-scalable. Over 30% of a financial analyst's time today is spent on detailed data entry and data cleaning, instead of value-additive research and analysis. Daloopa's mission is to provide clarity and efficiency to financial markets through record-breaking data extraction quality and accuracy through the use of AI-driven software.
"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."
"We are thrilled to be working with Daloopa which has a distinct understanding of what it takes to automate data extraction, and solve one of the oldest and most prevalent problems in finance," said Talal Khan, Director at NEXT Investors in Credit Suisse Asset Management.
As part of Daloopa's mission to extract data, the company is announcing that they have launched their global financials extraction capabilities. Daloopa now looks forward to extracting detailed financial fundamentals from the financial filings of all public companies globally.
Daloopa provides high-quality AI-powered data extraction services to hedge funds, investment banks, and other financial institutions. Daloopa's technology produces high-fidelity data extraction from millions of highly-complex financial documents, extracting financial data across structured and unstructured documents in dozens of languages. Daloopa is headquartered in New York with offices in New Delhi and Rio De Janeiro. Daloopa is founded by Thomas Li, Daniel Chen and Jeremy Huang. For more information, visit www.daloopa.com
About Credit Suisse
Credit Suisse is one of the world's leading financial services providers. Our strategy builds on Credit Suisse's core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in our home market of Switzerland. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. Credit Suisse employs approximately 49,090 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
About Nexus Venture Partners
Nexus Venture Partners is a leading early-stage venture capital firm partnering with extraordinary entrepreneurs building product-first companies. With $2 billion under management, Nexus operates as one team across the US and India. Nexus portfolio includes Apollo, Aryaka, Clover Health, Delhivery, Druva, FingerprintJS, Hasura, H2O.ai, Infra Market, Kaltura, Mezi, Observe.ai, PaySense, Postman, Pubmatic, Quandl, Rancher, Sibros, Turtlemint, Unacademy, and Zomato. For more information, visit www.nexusvp.com.
Anna Chen, Chief of Staff