Daloopa, a company using artificial intelligence to enhance financial data, raised $18 million in a Series B funding round.
The funding will help Daloopa build solutions to “improve the quality of fundamental data in the financial services industry,” and expand into new markets, particularly in Asia and Europe, according to a Monday (Aug. 5) press release.
“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,” Daloopa CEO Thomas Li said in the release. “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.”
Those partners include Touring Capital, which led the round, the release said. There was also participation from Morgan Stanley and existing investor Nexus Venture Partners.
Meanwhile, the financial world continues to use AI to improve its various processes. It’s not just large enterprises turning to the technology; small- to medium-sized business (SMB) owners use AI to provide a more level playing field in accounting services.
Traditional client accounting services — which involve labor-intensive, often manual tasks like bookkeeping, payroll and financial reporting — are being upgraded through automation and data analytics. For example, Intuit in late July introduced AI agents in its Enterprise Suite that can handle routine accounting tasks.
“AI will amplify the value of accounting services for SMBs,” Ariege Misherghi, senior vice president and general manager of accounts payable, accounts receivable and accountant channel at Bill, told PYMNTS in July. “Once routine tasks like data extraction and invoice processing are automated, accountants will be freed up to focus on higher value advisory work that only humans can provide: applying judgement, guiding SMBs through complex financial decisions and delivering strategic insights.”
Lisa Huang, senior vice president of product management at Xero, said in a July interview with PYMNTS that many accounting systems are still manual despite mounting external pressures for the industry.
“The accounting and bookkeeping industry is at a turning point,” Huang said. “Many professionals are overworked and under-resourced, facing increasing client demand and rising pressure from evolving regulatory and compliance requirements.”
Source: https://www.pymnts.com/