June 3 (Reuters) - Market intelligence platform AlphaSense said on Wednesday it has raised $350 million at a valuation of $7.5 billion, nearly double that of its funding round two years ago.
The round was led by Vitruvian Partners, Accenture Ventures, and J.P. Morgan Asset Management, with new investors including D. E. Shaw Ventures and Pinegrove Opportunity Partners.
The funding highlights strong investor demand for AI-related companies, as businesses increasingly adopt artificial intelligence tools to improve productivity, automate workflows and analyze large volumes of data.
Founded in 2011, AlphaSense is an AI-powered platform that helps businesses and financial professionals analyze companies, markets, and industries using a wide range of sources such as research reports, regulatory filings, earnings call transcripts, and news.
"Our focus remains on execution, and while we can't comment on the exact (IPO) timing, we believe the public markets represent a natural path for AlphaSense's growth journey," CEO and co-founder Jack Kokko told Reuters.
The company's valuation has risen substantially from the $4 billion it secured in its 2024 funding round.
New York-based AlphaSense surpassed $600 million in annual recurring revenue in the first quarter and has raised more than $1 billion to date.
The company said it will use the new capital to expand its AI platform, grow its proprietary content library of more than 500 million business documents, and also support international expansion and customer support operations.
AlphaSense's customers include Adobe, Amazon.com, Microsoft, Nvidia, Pfizer and JPMorgan Chase.
Reporting by Prakhar Srivastava in Bengaluru; Editing by Leroy Leo
Source: Reuters