Credit Suisse Invests in Data Extraction Startup Daloopa - $20M Series A

Daloopa Secures $20 Million in Series A Funding

Daloopa has successfully completed a $20 million Series A funding round. The investment was spearheaded by NEXT Investors, a division of Credit Suisse Asset Management, and will be used to further the development of its data extraction technology.

This technology is specifically designed for use by financial institutions and is now undergoing a global expansion.

The Genesis of Daloopa

The company’s co-founder and CEO, Thomas Li, encountered the challenges of repetitive data extraction firsthand during his time as a hedge fund analyst. He observed the significant time investment required to gather insights for analysis and forecasting.

Li discovered that legal professionals and other financial experts within institutions were dedicating approximately one-third of their working hours to similar data-intensive tasks, often involving manual spreadsheet entry.

Addressing a Critical Need

“The need for a solution capable of supporting comprehensive data analysis and forecasting without manual data conversion became apparent,” Li explained to TechCrunch. “This allows analysts to concentrate on their core responsibilities.”

The concept for Daloopa originated five years ago, but Li noted that the necessary data extraction technology wasn't yet mature enough for implementation.

Leveraging AI for Data Extraction

By 2019, advancements in technology enabled Li, alongside co-founders Daniel Chen and Jeremy Huang, to develop AI-powered software capable of sophisticated data extraction.

Customers can now request specific data sets and receive them within 24 hours with just a few clicks.

Accuracy and Scalability

Accuracy in financial data collection is paramount, yet traditional AI models often struggle to achieve 99% precision. Daloopa, however, consistently surpasses this benchmark, according to Li.

Furthermore, the system is designed for both low latency and high volume, ensuring the infrastructure can support the algorithms required to process data from a vast number of documents.

Investor Participation

In addition to Credit Suisse, the Series A round included participation from existing investors Nexus Venture Partners, Uncorrelated Ventures, and Hack VC.

Daloopa has now raised a total of $24 million through pre-seed, seed, and Series A funding.

Board Representation

As part of this investment, NEXT Investors and Nexus Venture Partners will each appoint a representative to Daloopa’s board of directors.

Industry Disruption

“Daloopa is fundamentally changing the way financial data is extracted and utilized,” stated Abhishek Sharma, Managing Director at Nexus Venture Partners, in an email communication.

Nexus Venture Partners previously led both the pre-seed and seed funding rounds for the company. Sharma further emphasized that Daloopa’s automated approach reduces costs, enhances scalability, and ensures data extraction is both accurate and verifiable.

Future Plans

The newly acquired funding will be allocated to research and development, specifically for product enhancement. Resources will also be dedicated to expanding the team and strengthening the technological infrastructure.

The company will also prioritize growth in sales, marketing, and operational areas.

Current Status and Expansion

While Li did not disclose specific revenue figures, he confirmed that Daloopa launched its product independently six months ago and currently serves 40 enterprise clients.

The company maintains its headquarters in New York, with additional offices located in New Delhi and Rio de Janeiro.

Expanding Data Sources

Initially focused on public company financial data, Daloopa intends to broaden its capabilities to include data extraction from private documents, such as those used in bank-customer relationships.