Connect with us

Tech

AlphaSense, an AI-based market intel firm, snaps up $150M at a $2.5B valuation

Published

on


Market intelligence — where organizations gather information about industries, other businesses, trends and more in order to use that data to help make business decisions — has become a huge industry in itself over the last few decades, projected to be worth nearly $84 billion in revenues this year. Now, as newer innovations like ChatGPT threaten to cannibalize the market, one of the bigger startups in the space, AlphaSense, is announcing a significant fundraise of $150 million to double down on the opportunity for growth.

The Series E round — which bumps New York-based AlphaSense’s valuation up to $2.5 billion — is being led by Bond, with participation also from CapitalG (Alphabet’s fund focused on larger investments), Viking Global Investors, Goldman Sachs and new backer BAM Elevate.

These are both financial and strategic investors: AlphaSense has more than 4,000 enterprise customers — covering “the majority of the S&P 500, the world’s largest banks, investment firms, and consultancies, and leading companies spanning every sector of the economy” — and more specifically the list includes search engine behemoths Google and Microsoft, J.P. Morgan and BAM Elevate.

That list of customers, and the basic numbers of this latest round, are both impressive considering the state of play right now, when even startups with promising technology are finding it hard to close rounds, stand up strong valuations and win business.

But AlphaSense’s own activity speaks to the ups and downs in the current market. This is a definite up-round — in the last 15 months prior to today, the company collectively raised $325 million in its Series D (first $225 million led by Goldman Sachs and Viking Global and then a $100 million extension led by CapitalG), ending with a $1.8 billion valuation.

On the other hand, AlphaSense was originally looking to announce this very round, at this very amount, back in June, before delaying for three months (during which time some details of the round leaked out anyway). We’ve asked the company why it held off.

There are a number of ways for organizations to identify and gather market intelligence these days, including the use of in-house research teams, enterprise search and business intelligence tools like LexisNexis or Elastic, outside consultancies, and much more.

AlphaSense’s spin and unique selling point is that it positions itself as a platform that is part data crawler, part insights extractor.

Today the company covers some 10,000 sources of information that span private and public content published by big and small research firms, government and other public bodies, and competitors and other businesses. One particular area of focus has been honing in on financial insights, which AlphaSense beefed up with at least two acquisitions: Stream, which transcribes and catalogues “expert” interviews (executives, competitors, and supply chain members of top companies asked in-depth questions about an industry by analysts); and Sentieo, a financial intelligence platform that targets investment managers.

Its platform — sold as a service (“insights-as-a-service” is actually a thing) — can be used to gather information about a specific company, but in the process of doing that, AlphaSense has built machine learning and its own natural language processing technology to “read” that data and make it into a digestible narrative and series of graphics of their own.

“We focus on the search for unstructured information, and we provide structure to it,” is how Jack Kokko, the founder and CEO of the company, described the process to me last year. Web search intelligence is a problem that is constantly being fed through machine learning algorithms. The more people search on Google, the better Google gets, he said. “But our system has to understand language and land on the right information without the benefit and insights of billions of web searches. None of that exists for private information.”

That is also, it seems, what will help AlphaSense continue to differentiate itself — at least for now — and outperform against the threat of generative AI platforms like OpenAI’s ChatGPT, which has, unsurprisingly, already been weaponized (or celebrated?) as a market research engine.

Speaking to me in connection with this latest round, I asked about the impact of ChatGPT, which has really seen a surge of interest in the last year. It gives “somewhat random results that don’t understand the business or commercial standpoint” of the researcher asking questions of it, he said. “We are training our own Large Language Models, and we are seeing better performance that way.”

However, he’s canny enough to know that this, longer term, will only be a part of what makes AlphaSense useful to its customers. “We can’t predict that will be the case 12 months from now. We need to be on top of many things at once,” he added.

That’s something that AlphaSense may well be using its own engine to track for itself, and if it’s as effective as its investors and customers bet it is, that will keep it one step ahead of the rest.

“At Bond, we look for iconic technology companies that are shaping the future,” said Jay Simons, general partner at Bond, in a statement. “With the ability to deliver the right insights and data to help businesses confidently make the everyday, strategic decisions that ultimately define their future, AlphaSense immediately struck us as a category creator emerging into one of those iconic companies that significantly advances how the business world works.”



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Tech

Another Intense Solar Flare Spotted By NASA’s Observatory, Footage Released

Published

on

By



As the Sun moves toward solar maximum, it blasted another intense solar flare out into space. According to NASA, the event occurred at 4:38 pm IST on June 11. The agency has shared a footage of the solar blast which was captured by the Solar Dynamics Observatory (SDO) in the low-Earth orbit.

“This flare is classified as an X1.5 flare. X-class denotes the most intense flares, while the number provides more information about its strength,” NASA said about the latest event. Classes A, B, C and M are others which represent the intensity of the flares.

Solar flares are powerful bursts of energy that are released from the Sun occasionally. They are capable of impacting radio communications, power grids and even pose risks to astronauts aboard the International Space Station (ISS).

ALSO SEE: ISRO’s Releases Pictures Of Monster Sunspots Captured By Aditya-L1

The month of May was the most active the Sun has been lately as it is reaching the middle of its 11-year-old cycle. This phase is called the solar maximum when the Sun is most violent and the chances of solar flares and subsequent geomagnetic storms are the highest.

On June 10, the National Oceanic and Atmospheric Administration (NOAA) also issued a warning for a coronal mass ejection – the ejection of charged particles toward Earth. When these particles collide with the Earth’s magnetic field, we get auroras.

ALSO SEE: NASA Rover Gets Blasted By Solar Storm On Mars, Captures Footage

(Image: NASA)





Source link

Continue Reading

Tech

A Star That Exploded 40 Years Ago Is Breaking The Rules, Scientists Call It A Treasure

Published

on

By


Astronomers are studying a white dwarf star and it is behaving strangely. It is part of a nova system HM Sagittae (HM Sge) that includes the white dwarf and its red giant companion.

A nova event is defined as a brief explosion which causes a blinding flash and sends the accumulating material into outer space.

Using data from the Hubble telescope and the retired SOFIA observatory, scientists have found some baffling characteristics of this binary star system.

Since its explosion about 40 years ago, HM Sge, which lies 3,400 light-years away in the constellation Sagitta, has grown 250 times brighter. Besides, it did not rapidly fade away as novae commonly do, but has maintained its luminosity for decades.

What’s more confusing is that although the system got hotter, it has paradoxically faded a little.

Hubble’s view of the symbiotic star system. Image: NASA

ALSO SEE: Scientists Spot Massive Asteroid Collision — In Another Solar System

Since HM Sge is a symbiotic star, the dust from the red star and gas of the white dwarf combine to form a blazing hot disk around the latter. This then results in a spontaneous thermonuclear explosion.

Another thing scientists noted was the system’s increase in temperature. According to Hubble’s ultraviolet data, the white dwarf and accretion disk increased from less than 4,00,000 degrees Fahrenheit in 1989 to greater than 450,000 degrees Fahrenheit today.

ALSO SEE: Hubble Telescope Captures Ancient Galaxy That Ate Its Companion 1.3 Billion Years Ago

“When I first saw the new data, I went – ‘wow this is what Hubble UV spectroscopy can do!’ – I mean it’s spectacular, really spectacular,” said Ravi Sankrit, astronomer at the Space Telescope Science Institute (STScI).

Steven Goldman of STScI, who also worked on the study, said that symbiotic stars in our galaxy are rare. “This unique event is a treasure for astrophysicists spanning decades,” he said. The above findings are expected to provide more insights into the physics and dynamics of stellar evolution in binary systems.

(Image: NASA)





Source link

Continue Reading

Tech

Aliens Could Be Living On Earth Disguised As Humans: Harvard Research

Published

on

By



A team of researchers from Harvard University has put forth the possibility of aliens, or “cryptoterrestrials,” covertly living among humans on Earth.

In their paper, which delves into the realm of “unidentified anomalous phenomena” (UAP), commonly known as UFOs and extraterrestrial beings, has sparked a wave of intrigue and speculation within the scientific community.

The study suggests that aliens could be residing underground, on the Moon, or even walking among us, disguised as ordinary humans. It further says that unidentified flying objects (UFOs) or unidentified aerial phenomena (UAP) could be advanced spaceships visiting Earth-based alien friends or allies.

In their research, the experts have introduced the concept of “cryptoterrestrials” – beings that may have originated from Earth’s future, descended from intelligent dinosaurs, or even be remnants of an ancient, technologically advanced human civilization that largely perished long ago.

Admitting that their theories will be regarded skeptically by most scientists, the researchers urged the scientific community to consider their claim “in a spirit of epistemic humility and openness.” Notably, the paper has not been peer-reviewed.

ALSO SEE: Is Artificial Intelligence Keeping Us From Contacting Aliens? New Study Suggests So

Aliens could be around us in four forms: Scientists

According to the researchers, cryptoterrestrials can come in four forms. The first is human cryptoterrestrials that are technologically advanced ancient human civilisation that continue to exist in remnant form after being destroyed long ago.

Second is Hominid or Theropod Cryptoterrestrials i.e. a technologically advanced non-human civilization consisting of some terrestrial animal which evolved a stealthy way to exist.

ALSO SEE: ‘We Are Probably Alone’: Elon Musk Gets Candid On Aliens And Colonising Mars ‘Before World War 3’

Third is former Extraterrestrial or Extratempestrial Cryptoterrestrials – beings that arrived on Earth from elsewhere in the cosmos or from the future and concealed themselves, maybe on the Moon.

And fourth, the scientists said, are entities that are less like homegrown aliens and more like “earthbound angels.”



Source link

Continue Reading

Trending

Copyright © 2023 Dailycrunch. & Managed by Shade Marketing & PR Agency