Alt data startup Apteo used this pitch deck to raise $1 million. - Business Insider

is surging, but firm also still rely heavily on more conventional types of data, and that's created a need for a bridge between the two types of information.

"There's a ton of data now that sits outside of the traditional terminal, like a Bloomberg or FactSet, and folks really see the value in this. But they're having trouble finding out where it lives. They're having trouble managing it within their firm. They're having trouble analyzing it so that they can get business use out of it," he said.

That's especially tricky for alternative data, Shah said, as the consumption and usage hasn't fully matured.

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