Daloopa has announced that it has closed $20 million in Series A financing 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. Daloopa has raised $24 million to date.
Credit Suisse Asset Management’s NEXT Investors and Nexus Venture Partners will each assign a member to the Board of Directors.
“We are at a turning point in technology where software and AI can automate some of the most mundane work for a financial analyst,” said Thomas Li, Daloopa’s CEO. “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.”
“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,” said Talal Khan, Director at NEXT Investors in Credit Suisse Asset Management.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.