CapitalG, Alphabet’s independent growth fund, told CNBC on Tuesday that it has invested a whopping $100 million into AlphaSense, an AI market intelligence startup. With this investment, there are so much exciting things to come. Here’s the news.
“Today, we’re excited to announce CapitalG’s investment in AlphaSense, the emerging leader in market intelligence and research. AlphaSense is disrupting the way knowledge professionals discover the data and insights their companies need to make strategic decisions more confidently,” said CapitalG on its official website.
The funding round was also announced that day, following months of hype surrounding generative artificial intelligence, specifically ChatGPT by OpenAI and other text-generating platforms that utilize large language models, or LLMs, to provide creative, well-thought-out answers to queries from their users. Also, last February, Google, which Alphabet owns, introduced a new conversational technology that competes with ChatGPT, which it calls Bard. Bard will integrate with the search engine and other products.
Jack Kokko, the chief executive officer of AlphaSense, said the firm is likewise working on a product feature that will summarize financial documents for customers automatically so they can more easily extract critical points. Know that summarization is one of the most challenging tasks for AI software, but it has improved with the help of LLMs.
Meanwhile, CapitalG said AlphaSense aggregates data from over 10,000 sources, indexes them, and then overlays them with an AI-driven interface that allows customers to look for valuable insights “that drive business outcomes.”
Impressively, the AI market intelligence firm already has 4,000 enterprise customers, including many companies listed in the S&P 500. Companies utilize its services across the board, including investment firms; banks; and life sciences, energy, industrial, consumer goods, and tech companies. The CNBC report indicated that CapitalG believes AlphaSense, together with these customers, is worth approximately $1.8 billion.
So far, AlphaSense has brought together tons of data, which include presentations, company filings, event transcripts, Wall Street equity research, news and regulatory filings, and a proprietary library consisting of interview transcripts. With this investment from Alphabet’s CapitalG, it is projected that the AI market intelligence startup will be able to incorporate LLMs into its products. Hence, its data will be more accessible to individuals above and beyond traditional financial services.
Alphabet is Google’s holding company and is a global technology company. It provides various products and platforms, including search, calendar, maps, ads, Gmail, Google Play, YouTube, and so much more. It also offers hardware products like Pixel smartphones, smartwatches, Google Nest home products, and other related goods. Alphabet also offers Internet advertising services via its AdSense and other services.
CapitalG is Alphabet’s independent growth fund, and invests capital and expertise in helping entrepreneurs and leaders boost the growth of their businesses.
Meanwhile, AlphaSense is a market intelligence and search platform utilized by leading companies and financial institutions worldwide.
“We are excited to invest in and partner with… the AlphaSense team as they increase enterprise value across the business world, one better decision at a time,” said CapitalG.
