Funding Round to Accelerate Growth for the Leading Provider of AI-powered Data Infrastructure for Financial Institutions
NEW YORK, May 7, 2024 /PRNewswire/ -- Daloopa, the world's first AI-powered fundamental and historical data provider, today announced that it has closed on its $18 million Series B round led by Touring Capital with participation from Morgan Stanley and existing investor, Nexus Venture Partners.
Daloopa CEO Thomas Li said, "Daloopa is thrilled to have Touring Capital and Morgan Stanley as investment partners. We have spent many years leveraging AI to build a data infrastructure that delivers the most complete, accurate and rapid fundamental data to top-performing financial institutions across the buy-side and sell-side. Before Daloopa, data discovery was painful, driven by manual processes that led to errors and took time away from important and meaningful analysis-based work. Finding the right investment partners that understand this and align on our innovative approach to creating solutions was critical."
The funds will be used to further innovate Daloopa's proprietary algorithm and build product solutions that further improve the quality of fundamental data in the financial services industry, as well as accelerate Daloopa's go-to-market strategy. In addition, the firm intends to expand to new markets, especially in Europe and Asia to meet greater demand.
"Daloopa is a pivotal addition to Touring's investment strategy of partnering with AI-driven technology companies," said Priya Saiprasad, Co-Founder and General Partner at Touring Capital. "Their unparalleled value proposition as a market leader providing a proprietary database of mission-critical financial data sets them apart for their accuracy, speed, and comprehensive coverage. Moreover, the founding team's unique blend of deep domain expertise with technical and operational proficiency perfectly positions them to become the most accurate database for financial data. We are thrilled to be working with Daloopa on this next phase of category disruption and growth."
Abhishek Sharma, Managing Director, Nexus Venture Partners, said, "Daloopa is using AI as a wedge to disrupt the multi-billion-dollar financial data space. Daloopa's innovative AI-powered approach is bridging the gap between the reporting of financial data at its source and its consumption in financial analyst workflows. We're excited that Daloopa is rapidly becoming the table stakes 'must-have' tool for financial analysts. It's a privilege for us to have been part of the Daloopa journey since day zero. We are proud to double down in this round and further continue our support."
"Today, we count hundreds of the largest financial institutions as partners and customers, and we look forward to accelerating growth and deepening these partnerships in the years to come," Li said.
About Daloopa
Headquartered in New York, Daloopa developed the world's first AI-driven technology to source, organize and distribute the most complete and accurate historical dataset globally. The firm's AI-first approach is helping many of the leading buy-side and sell-side financial institutions globally - including hedge funds, private equity firms, mutual funds, corporates and investment banks - meet time-critical data discovery requirements during earnings and model building workflows to accelerate an analyst's time to insight. Daloopa bypasses many of the shortfalls of all-in-one solutions, providing the deepest, most accurate set of data on publicly traded companies globally in the fastest time possible with AI. With steady exponential user growth, Daloopa has been recognized as an innovator in the fundamental data industry. For more information, visit daloopa.com.
CONTACT:
Kari Litzmann
Head of Marketing
kari.litzmann@daloopa.com
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