Daloopa announced that it has closed $20 million in Series A funding to accelerate its AI-driven data extraction offerings for financial institutions. The new funding round was led by Credit Suisse Asset Management’s NEXT Investors, along with participation from existing investors Nexus Venture Partners, Uncorrelated Ventures, and Hack VC. To date, Daloopa has raised $24 million.
Data extraction is a repetitive, complex, and technology-less process in a large number of financial services roles where hundreds of thousands of highly skilled professionals collectively spend copious amounts of hours each year typing data from a file into a spreadsheet. Conventional methods to obtain data from documents are time-consuming and un-scalable. Today, more than 30 percent of financial analyst’s time is spent on detailed data entry and data cleaning. Daloopa’s mission is to provide clarity and efficiency to financial markets through record-breaking data extraction quality through the use of AI-driven software.
Thomas Li, Daloopa's CEO, said:
"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."
Talal Khan, Director at NEXT Investors in Credit Suisse Asset Management, said: "We are thrilled to be working with Daloopa which has a distinct understanding of what it takes to automate data extraction, and solve one of the oldest and most prevalent problems in finance."
