Daloopa, a New York-based company providing AI-powered data extraction services to hedge funds, investment banks. and other financial institutions, announced a $20 million Series A led by Credit Suisse, according to FinExtra.
The company plans to use the funding for product development R&D, hiring additional staff, building out its tech stack and extending its software for pulling detailed and fundamental financial information from public companies’ filings across the globe. It also plans to focus on sales, marketing and operations functions, according to TechCrunch.
The funding round was led by Credit Suisse Asset Management’s NEXT Investors arm, and included participation from existing investors Nexus Venture Partners, Uncorrelated Ventures and Hack VC. The investment brings Daloopa’s total funding to $23.4 million, following a $3.4 million seed round in April 2020.
“We are at a turning point in technology where software and AI can automate some of the most mundane work for a financial analyst. 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,” Daloopa CEO Thomas Li said in a statement.
Headquartered in New York with offices in New Delhi and Rio de Janeiro, Daloopa launched its initial product six months ago and currently has 40 enterprise customers. The company initially focused on public company financial, but told TechCrunch it plans to expand into extracting data of more private documents like those used between banks and their customers.
Credit Suisse in the Middle East
Credit Suisse made headlines today for another reason, with Bloomberg reporting that the Swiss financial institute is losing Middle East staff due to a toxic work culture. According to the report, Bruno Daher, Credit Suisse’s top executive in the Middle East had to apologize after telling his banker’s he would put a gun to their head if they didn’t shape up.
Although Daher has helped build Credit Suisse into a key player in the Middle East, the report states the testosterone-driven workplace he has built is being questioned, following the departure of five top bankers since the start of 2019. Another 20 junior relationship managers in the Middle East and Africa also left in that duration, highlighting the Swiss financial institutes recent negative turn-of-events which include the loss of partners Greensill Capital and Archegos Capital Management.