AlphaSense, the market intelligence and search platform, raised $225 million in its Series D round led by the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs) and Viking Global Investors, it announced in a statement on Thursday.
After this round, the New York-based company is valued at $1.7 billion, nearly double the valuation from its $180 million Series C funding in September 2021, also led by the same two venture capital (VC) firms. This round also includes a “substantial” debt investment from BlackRock.
The fresh capital will be further invested for product development and content expansion and other operations. The company also plans to grow its offices globally, including innovation hubs in Pune, Mumbai and Delhi.
Further, its annual recurring revenue (ARR) now exceeds $100 million. AlphaSense’s user and customer base both of which grew by over 100% in the past year, the statement claimed.
“We are excited to upsize our investment in AlphaSense,” said Holger Staude, a managing director within the Growth Equity business at Goldman Sachs. “Achieving high organic growth and strong business fundamentals while exceeding $100 million in ARR is a substantial accomplishment and demonstrates the team’s focus on building an enduring business in a large market.”
Raj Neervannan, chief technology officer and co-founder, AlphaSense, said, “With this financing round, we also plan to expand our innovation hubs in Pune, Mumbai and Delhi. We recently doubled our India presence to over 325 people with the recent addition of our Delhi office, and, with our hiring efforts underway to recruit the best talent, we expect our employee count to continue to grow substantially in the coming months. I am proud and delighted by the growth India is seeing and hope to strengthen it.”
“The Series D round highlights investor confidence and shows the quick pace at which AlphaSense has been growing,” he added.
AlphaSense’s base of 3,500 customers now includes over 78% of the S&P 100, 97% of the Dow 50, 70% of the top asset management firms and banks and leading companies across industries, the statement concluded.