NEW YORK — Daloopa, a provider of AI-powered Data Infrastructure for Financial Institutions, has closed an $18 million Series B round led by Touring Capital with participation from Morgan Stanley and existing investor, Nexus Venture Partners.
Daloopa CEO Thomas Li said, “Daloopa is thrilled to have Touring Capital and Morgan Stanley as investment partners. We have spent many years leveraging AI to build a data infrastructure that delivers the most complete, accurate and rapid fundamental data to top-performing financial institutions across the buy-side and sell-side. Before Daloopa, data discovery was painful, driven by manual processes that led to errors and took time away from important and meaningful analysis-based work. Finding the right investment partners that understand this and align on our innovative approach to creating solutions was critical.”
The funds will be used to innovate Daloopa’s proprietary algorithm and build product solutions that further improve the quality of fundamental data in the financial services industry, as well as accelerate Daloopa’s go-to-market strategy. In addition, the firm intends to expand to new markets, especially in Europe and Asia to meet greater demand.
“Daloopa is a pivotal addition to Touring’s investment strategy of partnering with AI-driven technology companies,” said Priya Saiprasad, Co-Founder and General Partner at Touring Capital. “Their unparalleled value proposition as a market leader providing a proprietary database of mission-critical financial data sets them apart for their accuracy, speed, and comprehensive coverage. Moreover, the founding team’s unique blend of deep domain expertise with technical and operational proficiency perfectly positions them to become the most accurate database for financial data. We are thrilled to be working with Daloopa on this next phase of category disruption and growth.”
Abhishek Sharma, Managing Director, Nexus Venture Partners, said, “Daloopa is using AI as a wedge to disrupt the multi-billion-dollar financial data space. Daloopa’s innovative AI-powered approach is bridging the gap between the reporting of financial data at its source and its consumption in financial analyst workflows. We’re excited that Daloopa is rapidly becoming the table stakes ‘must-have’ tool for financial analysts. It’s a privilege for us to have been part of the Daloopa journey since day zero. We are proud to double down in this round and further continue our support.”
“Today, we count hundreds of the largest financial institutions as partners and customers, and we look forward to accelerating growth and deepening these partnerships in the years to come,” Li said.
