The new funding, which brings Daloopa's total raised to $40 million, will be used to expand its team of around 300 employees, bolster product R&D, and enhance customer acquisition efforts. Li claims that Daloopa's AI algorithms continue to improve over time as they're trained on growing sets of financial documents, and that the firm is well-positioned to be a leader in the AI-driven fundamental data space as financial institutions increase their adoption of AI tools.
Key takeaways:
- Thomas Li, Jeremy Huang, and Daniel Chen founded Daloopa, an AI-powered solution that extracts and organizes data from financial reports and investor presentations for analysts, reducing the need for manual data entry.
- Daloopa recently raised $18 million in a Series B funding round led by Touring Capital, with participation from Morgan Stanley and Nexus Venture Partners, bringing its total raised to $40 million.
- The company's primary customers are hedge funds, private equity firms, mutual funds, and corporate and investment banks, who use Daloopa's tools to build workflows for investment and due diligence research.
- With the new funding, Daloopa plans to expand its team, bolster product R&D, and increase its customer acquisition efforts.