Soros Single Family Office Invests In AI-based Financial Research Firm

AlphaSense is a New York-based startup working on an AI-based financial insights platform. The company in 2011 was founded and grew from a search provider of SEC filings and conference call transcripts to a global financial research firm. AlphaSense applies data science techniques on reports and filings of more than 60,000 companies. Recently, AlphaSense announced its $50M Series B funding round. One of the investors is the George Soros single family office.

Solutions for data-driven decision making

Initially, AlphaSense’s solutions were aimed at hedge funds. For making the right investment decisions having access to the “best” data can be crucial. In the course of time, the company also started offering its services to asset managers, corporates and banks. Artificial intelligence is the core of AlphaSense’s products: by applying modern techniques to relevant financial data sources it leverages the value of the data. A few examples: Sentiment analysis of earning transcripts, intelligent search of reports and filing, intelligent alerts for financial metrics of company’s. The company is led by Jack Kokko (CEO) and Raj Neervannan (CTO). In 2019, the 1000 client milestone was reached.

Soros single family office as influential backer

In 2016, AlphaSense raised a first $33M Series A funding round after hitting the 500 client milestone. The recent Series A funding round was led by Palo Alto based Innovation Endeavors. Other investors include Soros Fund Management and First Fellow Partners. Soros Fund Management was formerly a hedge fund, founded in 1969 by George Soros. As one of the most famous and succesful hedge fund advisors, Soros has a net worth of $8.3B, which is now managed through his family office. Soros family office, featured in our list of single family offices in the United States, has a broad investment spectrum: the firm directly invests in stock-listed companies, funding rounds (like AlphaSense’s Series B) or even Initial Coin Offerings (Hashrental). For AlphaSense, Soros might – besides the capital – also provide knowledge and contacts to his latest investment. If you’re interested, you can find more New York based single family offices here.

Sources

AlphaSense (19.07.2019)
Institutional Investor (19.07.2019)
Luca Bravo (19.07.2019)