A New York City-based company specializing in automating data extraction for financial institutions secured a $20 million finding round. Daloopa provides an AI-based software solution enabling financial analysts to avoid the highly manual work of typing data from forms filled out by customers to spreadsheets, which accounts for 30 percent of their time according to one estimate. The company’s Series A round, led by Credit Suisse’s NEXT Investors, brings its total funding to $24 million.
“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 Daloopa’s CEO, Thomas Li. “At Daloopa we are focused on providing levels of data accuracy surpassing 99.9 percent, at unprecedented speeds and scale, for some of the most complicated document types and data structures in the financial sector.”
According to an announcement, the company said it has launched an initiative to extract detailed financial fundamentals from the financial filings of all public companies globally.