Daloopa bags $20m from Credit Suisse-led Series A

US data extraction start-up Daloopa has secured $20m in a Series A financing round led by Credit Suisse Asset Management’s NEXT Investors.

The round also saw participation from existing investors Hack VC, Nexus Venture Partners and Uncorrelated Ventures. To date, the company has raised $24m in total.

As a part of the round, both NEXT Investors and Nexus Venture Partners will both assign a member to Daloopa’s board of directors.

Founded in 2019, New York-based FinTech Daloopa automates and extracts data at scale for large enterprises including banks, financial institutions, and governments. The firm claims its customers focus on decision-making, not on obtaining and checking data.

Daloopa claims its AI tech can extract financial data from millions of complex financial documents, covering structured and unstructured documents in a range of languages.

The company currently has two locations worldwide, with offices in New York and in Noida, India.

Daloopa CEO Thomas Li said, “We are at a turning point in technology where software and AI can automate some of the most mundane work for a financial analyst.”

Li added that the company is aiming to provide ‘accuracy surpassing 99.9%’ with its financial data extraction services.

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