Data extraction start-up Daloopa lands $20m investment led by Credit Suisse
Fintech start-up Daloopa has raised $20 million in Series A financing led by Credit Suisse Asset Management’s NEXT Investors.
The round also included participation from existing investors Nexus Venture Partners, Uncorrelated Ventures, and Hack VC.
The firm has now raised around $24 million in total following its seed round in 2020.
The New York-based start-up provides AI-powered data extraction services to hedge funds, investment banks, and other financial institutions.
The company aims to automate what is traditionally a time-intensive manual task for financial firms.
Daloopa says its AI tech can extract financial data from millions of complex financial documents, covering structured and unstructured documents in a number of languages.
“We are at a turning point in technology where software and AI can automate some of the most mundane work for a financial analyst,” says Thomas Li, Daloopa CEO.
Li claims the company is aiming to provide “accuracy surpassing 99.9%” with its financial data extraction services.
As part of the investment, Credit Suisse Asset Management’s NEXT Investors and Nexus Venture Partners will each assign a member to Daloopa’s board of directors.