Photo Credit: Alexandra_Koch from PixabayAccording to a recent research report, the global market research industry is expected to grow 4% this year to $87.7 billion. Researchers expect the industry to grow at the same rate to reach $102.9 billion by 2028. Technology adoption within the industry is expected to continue to drive growth.
AlphaSense’s OfferingsNew York-based AlphaSense was founded in 2011 by Jack Kokko and Raj Neervannan who wanted to radically change the way users had access to insights for research. The seed behind AlphaSense was planted into Jack Koko’s mind when he was working as an investment banking analyst in Silicon Valley. As part of his job, he was spending a lot of time “CTRL+Fing thousands of PDFs one keyword at a time” to gather insight. When he met with his co-founder, Raj Neervannan, at The Wharton School, the two realized the research process and tools available to the researchers had not made much progress.In 2011, the two decided to resolve the problem and released AlphaSense. The tool was launched as a search engine and now leverages machine learning and natural language processing technology to gather insights from thousands of sources and billions of data points to help the researchers. The technology accesses an extensive universe of public and private content —including company filings, event transcripts, news, trade journals, and equity research to offer enterprise intelligence, expert insights, and Wall Street insights within industries ranging from asset management and financial services to energy and life sciences.AlphaSense competes with both in-house and consultancy-based research teams such as LexisNexis, Factiva, and Tegus. However, it claims that it is different from them because of its solutions’ ability to be part data crawler and part insights extractor. AlphaSense’s users can run queries not only to collect information about market trends but also to find specific data points such as the rate at which the firm grew.Its solutions have been received well in the industries, and the company has over 4,000 enterprise customers spanning world’s largest banks, investment firms, and consultancies. Its customer list includes names like Google, Microsoft, J.P. Morgan, and BAM Elevate.
AlphaSense’s FinancialsAlphaSense earns revenues through a subscription-based model. It has been privately held and does not disclose its financial details. Reports suggest that in 2021, its revenues had crossed $100 million.It has raised $770 million in funding so far from investors including Goldman Sachs, Viking Global Investors, Bond, CapitalG, and BAM Elevate. Its last round of funding was held in September last year when it raised $150 million at a valuation of $2.5 billion. In a round held in early 2023, AlphaSense had raised $100 million at a valuation of $1.8 billion. The company is not looking to go public soon. With interest in AI continuing to grow, AlphaSense doesn’t seem to have any difficulty raising capital and valuation.More By This Author:Cloud Stocks: Okta Recovers From Data Breach IssuesCloud Stocks: Analysis Of Zscaler’s Avalor Acquisition Cloud Stocks: Adobe Monetizing Its Generative AI Tools
