Daloopa, a provider of AI-based data extraction services to hedge funds, investment banks, and other financial institutions, has raised $20m in Series A financing to bolster data extraction offerings.

Credit Suisse Asset Management’s NEXT Investors led the funding round with participation from existing investors Nexus Venture Partners, Uncorrelated Ventures, and Hack VC.

To date, Daloopa has raised $24m in funding.

As part of the latest funding round, Credit Suisse Asset Management’s NEXT Investors and Nexus Venture Partners will each assign a member to the firm’s board of directors.

Conventional data extraction methods are considered time-consuming. It is said that more than 30% of a financial analyst’s time is spent on detailed data entry and data cleaning when it can used for value-additive research and analysis.

Daloopa aims to offer efficiency in data extraction through an AI-driven software.

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By GlobalData

The company, which recently rolled out its global financials extraction capabilities, is preparing to extract detailed financial fundamentals from the financial filings of all public companies globally.

Daloopa CEO Thomas Li 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.”

NEXT Investors director Talal Khan 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.”