Credit Suisse has led a $20 million funding round in Daloopa, an AI-driven data extraction company for hedge funds, investment banks, as well as other financial institutions.

The company’s technology enables high-fidelity data extraction from millions of highly-complex financial documents, extracting financial data across structured and unstructured documents in dozens of languages.

Daloopa is headquartered in New York with offices in New Delhi and Rio De Janeiro.

The new funding round was led by Credit Suisse Asset Management's NEXT Investors, along with participation from existing investors Nexus Venture Partners, Uncorrelated Ventures, and Hack VC.

Daloopa has raised $24 million to date.

Credit Suisse Asset Management's NEXT Investors and Nexus Venture Partners will each assign a member to the Board of Directors.

"We are at a turning point in technology where software and AI can automate some of the most mundane work for a financial analyst," said Thomas Li, chief executive at Daloopa. "At Daloopa we are focused on providing levels of data accuracy surpassing 99.9 per cent, at unprecedented speeds and scale, for some of the most complicated document types and data structures in the financial sector."

Talal Khan, director at NEXT Investors in Credit Suisse Asset Management, said: “We are thrilled to be working with Daloopa which has a distinct understanding of what it takes to automate data extraction, and solve one of the oldest and most prevalent problems in finance."

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