The investment in AlphaSense comes amidst the massive global uptake of generative AI.

Alphabet’s (NASDAQ: GOOGL) venture capital arm, CapitalG, has led a $100 million investment in AlphaSense, a corporate data firm that provides information on businesses to inform corporate and investment strategies, valuing the company at $1.8 billion.

AlphaSense, which counts FactSet and Bloomberg among its rivals, is developing a product feature that uses large language models (LLMs) to automatically summarize financial documents for customers, which has historically been a challenging task for AI software. The new funding will also allow the company to hire more salespeople, improve its technology, and take advantage of advances in generative AI.  (CNBC)

The investment follows worldwide frenzy surrounding generative AI, particularly OpenAI’s ChatGPT and other text-generating tools that use LLMs to provide sophisticated answers to user queries.

James Luo, a CapitalG partner, said AlphaSense using newer LLMs can make its core product more appealing to customers outside of traditional financial services.

The AI startup has already surpassed $100 million in annual recurring revenue in 2022, and the company plans to go public when the economy stabilizes.

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