Table of Contents
- Overview of Daloopa
- Description of Daloopa’s mission
- Products and Services
- Daloopa Closes $20M Series A to Automate Data Extraction for Financial Institutions
Daloopa is a software engineering and development startup that provides automated data extraction services to financial institutions. Founded by ex-Google engineers, the company has recently closed a $20M Series A funding round.
In this article, we’ll explore what Daloopa does, how it can improve data extraction processes, and its potential impact on the financial industry.
Overview of Daloopa
Daloopa is an artificial intelligence (AI) platform that automates data extraction for financial institutions. The company recently closed a $20 million Series A funding round, bringing their total funding to $30 million.
Daloopa uses AI technology to improve financial data accuracy and reduce the risk of human error. It works by ingesting large-scale corporate documents, both structured and unstructured, from disparate sources. From there, it applies a mixture of AI algorithms and natural language processing (NLP) to ingest the data quickly and accurately. This eliminates manual labor and extracts the data needed for reporting, compliance, analytics and other activities within financial services firms.
Using its platform, Daloopa reduces the cost of manually verifying financial documents by up to 90%, enabling scale and speed that can otherwise be impossible given human resources constraints. It also helps mitigate risk in business activities such as loan origination, credit analysis or transaction monitoring with accurate decisioning based on risk mitigation models incorporated into its platform.
Ultimately, Daloopa’s mission is to make it easier for financial organizations to access accurate data to make scale-informed decisions. Its $20 million Series A funding round will help the company expand on this goal by allowing them to invest in further developing their core AI platform while expanding geographically throughout North America and Europe.
Description of Daloopa’s mission
Daloopa is a startup simplifying financial data extraction. The company has developed an automated platform that allows financial institutions to quickly and accurately extract data from emails, documents, and webpages without manual effort. Founded in 2019 by former bankers and engineers with experience in financial technology, Daloopa has developed tailor-made services for top firms such as JP Morgan Chase, Deutsche Bank, Goldman Sachs, and Credit Suisse.
At its core, Daloopa’s mission is to democratize access to financial data. By providing organizations with the tools they need to streamline their administrative processes and unlock new opportunities for growth and exploration of potential markets or projects, it creates a more transparent system that produces greater accuracy in analysis of market trends. To further this goal, Daloopa has secured a $20 million Series A investment round from some of the world’s most notable investors to further develop its platform.
For any organization managing large amounts of data across digital documents, online emails and more, Daloopa offers the secure solution they need while still allowing these organizations to benefit from technology’s rapid advancements. Operating within the realms of FinTech (Financial Technology), increased automation of processes equates to streamlined workflows — all while decreasing costs associated with manual inputting or extraction tasks by leveraging advanced automation technologies such as Artificial Intelligence (AI), Natural Language Processing (NLP) and Optical Character Recognition (OCR).
Products and Services
Daloopa is revolutionizing the way financial institutions handle data extraction solutions. The company recently closed a $20M Series A which will fuel their mission to automate data extraction for financial institutions.
Daloopa’s products and services are designed to help automate data-driven processes and reduce manual effort for their customers. In this article, we will discuss the various products and services that Daloopa offers.
Overview of Daloopa’s products and services
Daloopa is a Big Data Automation Platform dedicated to solving some of the most pressing problems for financial institutions. Daloopa uses state-of-the-art artificial intelligence to automate data extraction, validation, and manipulation, saving businesses time and money on manual data operations.
Daloopa’s platform offers several products and services that can help enterprises reduce their manual labor costs:
• Automated Document Extraction & Validation: Daloopa’s automated document extraction and validation service helps organizations quickly interpret documents like contracts and other legal documents. Its machine learning algorithms can accurately interpret relevant fields in these documents like signatories, expiration dates, payment terms, monetary values, etc., saving companies countless hours of tedious manual labor.
• Automated Data Manipulation & Transformation: By automating array transformation and preparing large datasets for analysis, Daloopa can save enterprises the time spent manually transforming data sets collected from diverse sources into the required format for analysis. This enables firms to shift from processing valuable customer information manually to utilizing automated AI tools.
• Automated Machine Learning Algorithms: By automating specific machine learning jobs – such as anomaly detection and customer segmentation – that require training labor intensive models, Daloopa can also reduce complexity while still delivering accurate results at scale with sub-second execution time using pre-built automation algorithms on its platform.
In addition to these core products and services, Daloopa provides additional support services such as customer onboarding, model retraining/tuning assistance and feature engineering guidance -allowing organizations to leverage their machine learning capacity without breaking the bank or managing it all themselves.
Description of how Daloopa’s products and services help financial institutions
Daloopa provides advanced software solutions that enable financial institutions to automate their data extraction process. The company’s suite of AI-powered technology allows financial institutions to accurately and quickly extract data from various document types using coding technology, machine learning efficiency, and natural language processing capabilities.
The technology is designed to drastically reduce the time required for manual data entry by automating the entire data extraction process. Daloopa’s unique algorithms can autonomously extract a wide range of information from customer documents including names, addresses, account numbers, payment information, contact numbers and other details. The platform also eliminates the need for complex programming as its intuitive software can learn patterns from document types and enable a faster rate of document analysis.
Daloopa’s suite of products and services have recently been enhanced with a multi-million dollar Series A round led by venture capital firms in the US and Europe. The funds will enhance the platform’s scalability, usability capabilities, and international expansion plans. With this round of funding, Daloopa aims to provide financial institutions worldwide with powerful automation software solutions that help them save time and resources while improving accuracy in their data extraction process.
Daloopa Closes $20M Series A to Automate Data Extraction for Financial Institutions
Just recently, Daloopa is proud to announce the successful close of their Series A funding of $20M to further support their innovative data extraction solutions.
This new funding will allow Daloopa to continue to develop their cutting edge technology for automating data extraction for financial institutions.
Let’s delve further into their mission and offerings.
Overview of Daloopa’s recent $20M Series A funding
Recently, Daloopa closed a $20M Series A funding round led by Lightspeed Venture Partners. This new round of funding will enable the company to expand its data automation platform, enabling Financial Institutions (FIs) to make accurate decisions by extracting timely and critical data from contracts to answer questions in minutes instead of days or weeks.
Daloopa is an AI-powered contract extraction platform tool that allows FIs to quickly extract and analyze critical contractual information from existing documents. Its AI-driven technology saves the time consuming task of manual data entry and provides financial institutions with contextually accurate insights from contract documents much faster than traditional methods. Leveraging its proprietary natural language processing (NLP) technology, Daloopa extracts terms, dates, parties and definitions with unprecedented accuracy.
With this fresh infusion of capital, Daloopa will rapidly expand its product offering, including functionality such as Automated Document Reading Machines (ADRM), Automated Contract Analysis (CA) and enterprise-wide contract analytics platforms for large organizations. In addition, Daloopa will leverage this new funding round to increase its customer base by adding top tier banks such as Goldman Sachs & CitiGroup who are already using the platform for legal operations support.
This Series A fundraising marks a noteworthy milestone for the company which has raised over $33 million in total and has partners like QED Investors, Levitate Capital and Fintop Capital joining the Series A round of investment for further expansion.
Description of how the funding will be used to automate data extraction
Daloopa is an AI-based data extraction platform that automates manual and expensive methods of collecting data from financial documents. The company recently closed a $20 million Series A funding round led by EagleLight Partners with participation from early investors Entrée Capital, Li Ka-Shing’s Horizons Ventures, Plug & Play Ventures and SV Angel.
The new funds will expand Daloopa’s technology capabilities and customer base. Daloopa will continue developing its patented automation technology to eliminate the laborious process of manual data extraction currently used by most large financial institutions and government departments.
The funding will also be used to grow the team of engineers, attorneys, customer success managers and customer support personnel and increase the size of its customer base. The investment follows two seed rounds of $9M raised in 2019 and 2020 respectively.
Daloopa’s sophisticated AI-backed platform quickly extracts critical data points on bank statements, loan documents, digital contracts and more with greater accuracy than manual extraction processes. As a result, it can be used for various tasks such as tax compliance or verification checks in KYC onboarding or customer relationship management applications at banks or other organizations such as airlines, land registries etc.
It also offers customized solutions for clients based on their specific filing requirements, considering regulatory changes or any other operational challenges they face when it comes to financial document analysis. This assures excellent quality outcomes for users deploying Daloopa technology for extractions.
At Daloopa, we’re building a platform for finance professionals to quickly and accurately extract data, no matter how complicated the source.
Our team comprises experts in Machine Learning, Artificial Intelligence, and Data Science to bring the best results to our customers. Our mission is to make the lives of finance professionals easier and the data they rely on more accurate, and with our recent $20M Series A funding close, we’ re ready to take our efforts to the next level.
Overview of Daloopa’s team and leadership
Daloopa was founded in 2018 by a team of experienced entrepreneurs and data engineers. Through their strong understanding of machine learning, natural language processing, and quantitative modeling they’ve developed a cloud-based data extraction solution to automate the manual process.
The core team consists of Manish Patel (CEO), Aadil Hussain (CTO), Kayla Kaul (COO), and Zameer Patel (CMO). Manish has more than 10 years of experience as an executive at Fortune 500 tech companies and investment funds. He led the strategy, fund raising rounds and other key initiatives.
Aadil is a computer science graduate who built the distributed computing infrastructure connecting multiple cloud service providers in real time. He developed the algorithm at the core of Daloopa’s technology stack.
Kayla leads organizational operations, marketing strategies and builds partnerships with fintech companies leveraging Daloopa’s AI Engine capabilities for financial institutions.
Zameer laid out the product vision for Daloopa in 2018 with his years of experience in building companies from Square to DocuSign industries working on products like access management & intelligence layer for advanced analytics & predictions from datasets extracted from customers actual needs.
At this point, Daloopa attracted $20 million in investments that are being used to expand its technology platform into new markets such as the Asia-Pacific region. At the same time, it continues to invest heavily on research & development while laser focusing on its core competency which is data extraction system integrating multiple internal & external modules into one holistic flow using Artificial intelligence technology across targeted customer segments including banks, insurance companies, wealth management firms etc. During 2020 it closed one more funding round making gross total capital raise $22M yet at higher valuation thus proving confidence over its underlying potential growth story amid current unstable market conditions caused by pandemic covid 19 effects on financial sectors globally.
Description of the team’s experience and expertise
The team at Daloopa combines a unique mix of seasoned executives from multiple industries and backgrounds. Daloopa’s team comprises veterans in financial software, AI researchers, and breakthrough innovators, all sharing a deep commitment to creating revolutionary solutions in data extraction.
Founders Vince Gattari and Sam Silver collaborated on developing AI startups at the Massachusetts Institute of Technology (MIT). Vince has over 15 years experience in the banking sector while Sam brings his expertise on artificial intelligence (AI) research and development to the company. These two have created what could be considered an AI powerhouse when joined with experienced executives Sarah Gold, Robert Sniderman, Michael Hobbs and Christopher Loring. With 30+ years of marketing knowledge each, they have provided invaluable strategic insight into customer acquisition and business development.
Additionally, a collaboration among these founders has led to the creation of industry-leading technologies that enable automated data extraction for customers in finance. This technology speeds up the pace by automating process management solutions, saving organizations resources and time across loan origination processes. Daloopa is uniquely positioned due to this combination of technical expertise and strategic marketing prowess, providing them with an edge over competition when optimizing customer experience for their clients in financial services.
The mission of Daloopa is to achieve environmental sustainability by reducing our carbon footprint, promoting resource efficiency and creating sustainable alternatives to the traditional waste management industry. To do this, we create innovative products and services that reduce food waste, recycle materials and prevent pollution.
Daloopa’s technology-based products are designed to reduce food waste in various applications, including restaurants, schools, retail stores and catering businesses. Products such as energy-efficient freezers, food storage containers and compostable packaging allow these businesses to practice sustainable sourcing while creating a more sustainable environment.
In addition to providing these products, Daloopa offers expert consulting services on food waste management strategies tailored to each company’s needs. Our experienced professionals are committed to helping clients improve their sustainability practices while boosting productivity and reducing costs.
Daloopa has secured funding from venture capitalists, development institutions, and public sector investors looking for innovative solutions for environmental sustainability. With this support, we continue our efforts in making our goal of zero food waste achievable by empowering everyone collectively with the needed resources for implementation for greater global environmental benefits.
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