Sentieo, an investment research software company that uses AI to scan financial documents, analyze alternative data sets and create visualizations has raised $19 million (about Rs 140 crore) in its Series A round of equity financing that was led by growth equity firm Centana Growth Partners.
The firm’s existing investors had also participated in the round.
The company said it will use the funds for boosting global growth and product development.
As part of the deal, Centana partner Eric Byunn will join the board of Sentieo.
“We are incredibly excited to join them as they grow into a major player in the financial research technology industry, a market that is long overdue for the kind of innovation that Sentieo is providing,” Eric Byunn, said in a statement.
Sentieo was founded in 2015 by Indian-American brothers Alap Shah and Naman Shah. The fintech startup is currently working in both India and the US. It uses artificial intelligence and natural language processing to provide financial data and insights to its customers.
“We built Sentieo’s AI-powered search engine to effortlessly pair with our research notebook and research management system. This means that clients can move from data identification to extraction and collaboration in a single web-based, mobile-friendly workflow,” Alap Shah, chief executive of Sentieo, said.
Sentieo, which has a team of 160 across India and the US, processes over 20 million financial documents from more than 64,000 global companies to more than 700 clients.
The company is raising funds for the second time this year, in March it raised $6 million in a round led by Clocktower Ventures and Long Focus Capital.
Previously Alap Shah worked as an analyst with hedge funds Citadel and Viking Global Investors. While Naman Shah co-founded Sarvajal, a social enterprise that provides filtered drinking water to India’s under-served population. Both of them are Harvard University graduates.
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