Finance

Daloopa Secures $18 Million in Series B Funding, Catalyzing Its AI Data Revolution in Finance

NEW YORK, May 7, 2024 /PRNewswire/ -- In a significant stride towards revolutionizing financial data infrastructure, Daloopa, the premier AI-powered provider of fundamental and historical data for financial institutions, proudly announced the successful closure of its $18 million Series B funding round. This investment influx, led by Touring Capital, also saw substantial contributions from industry giant Morgan Stanley and continued faith from existing investor Nexus Venture Partners.

Pictured left to right, the Daloopa leadership team features the skillful hands that steered the company toward innovation: Daniel Chen holding the position of Chief Operating Officer; Jeremy Huang as the Chief Technology Officer; and Thomas Li at the helm as CEO. Complementing this dynamic trio is investor Abhishek Sharma, serving as Managing Director at Nexus Venture Partners.

Thomas Li, the CEO of Daloopa, expressed great enthusiasm over the milestone, sharing, "Daloopa rejoices in welcoming Touring Capital and Morgan Stanley to our distinguished roster of investment partners. Years of dedication into harnessing artificial intelligence have culminated in a robust data infrastructure capable of bestowing comprehensive, exact, and expeditious fundamental data upon elite financial institutions on both the buy-side and sell-side. Pre-Daloopa, data discovery was a daunting manual task, often fraught with inaccuracies and consuming valuable analysis time. Securing the right investment partners who appreciate and support our innovative solutions has been of paramount importance."

The freshly-acquired funds are earmarked for several strategic initiatives. Foremost is the continuous enhancement of Daloopa's proprietary algorithm, aiming to elevate the caliber of fundamental data services within the financial industry. The company also sets its sights on refining product solutions that augment the quality and accessibility of essential data. Concurrently, efforts are to be ramped up in executing an aggressive go-to-market strategy. Reflecting its ambitions to go beyond its current reach, Daloopa plans an expansive foray into European and Asian markets, responding to the burgeoning demand in these regions.

Priya Saiprasad, Co-Founder and General Partner at Touring Capital, exuded optimism regarding Daloopa's prospects, claiming, "Daloopa represents a cornerstone in Touring's strategic focus to partner with cutting-edge AI-driven technology ventures. Their unmatched value proposition, as the market-leading provider of a proprietary financial database, distinguishes them for their precision, rapidity, and extensive coverage. The founding team's rare combination of in-depth domain acumen, coupled with their technical and operational savviness, puts Daloopa in a prime position to emerge as the most reliable source of financial data. It's exhilarating to engage with Daloopa as they navigate this transformative phase of market disruption and expansion."

Abhishek Sharma, Managing Director at Nexus Venture Partners, expressed similar sentiments while lauding Daloopa's breakthrough use of AI to reshape the multi-billion-dollar financial data domain. "Daloopa's AI-sculpted approach is pioneering a bridge between the original reporting of financial data and its assimilation into financial analyst workflows. Witnessing Daloopa's swift ascent to becoming the indispensable 'must-have' tool for financial analysts is remarkable. It's an honor to have been at the forefront of Daloopa's journey from the outset. We proudly reaffirm our commitment in this round and eagerly anticipate further supporting their trailblazing path," said Sharma.

"Today, we celebrate our collaboration with hundreds of the most substantial financial institutions, including partners and customers, and we ardently aspire to rubber-stamp growth and enrich these alliances in the forthcoming years," Li commented, forecasting Daloopa's path ahead.

Unveiling Daloopa

Stationed at the heart of New York, Daloopa has fabricated the globe's inaugural AI-driven technology poised to extract, classify, and disseminate the most complete and precise historical dataset worldwide. Eschewing traditional all-in-one models, Daloopa instead opts for a more meticulous approach, offering the deepest, most accurate datasets on publicly traded companies around the globe, rendered with unmatched swiftness by their AI technology. With steady growth in user engagement, Daloopa stands tall as a beacon of innovation within the fundamental data sector.

For detailed information about Daloopa and their services, interested parties are encouraged to visit their website at daloopa.com.

Contact Information

For additional insights or inquiries, Kari Litzmann, the Head of Marketing, is available at kari.litzmann@daloopa.com.

SOURCE Daloopa

In concluding, this round of funding for Daloopa heralds a new era of efficiency and innovation in the realm of financial data analysis. By leveraging artificial intelligence to streamline the cumbersome process of data extraction and analysis, Daloopa not only positions itself as a pioneer in the field but also as a game-changer for financial institutions worldwide. The injection of fresh capital earmarked for technological advancements is poised to further entrench Daloopa's status as an essential tool for analysts, ensuring that they remain at the forefront of market competition with the most accurate and expedient data at their fingertips. With a strategic expansion plan in place and the resources to match, Daloopa's horizon gleams with promise as it sets out to redefine industry standards and broaden its reach across the global market.

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