Canoe Intelligence, a financial technology firm specializing in alternative investment management, has completed its Series C funding round, raising $36 million. This round was led by Growth Equity at Goldman Sachs Alternatives, with continued support from existing investors F-Prime Capital and Eight Roads. This latest funding marks a significant milestone for Canoe, tripling its valuation since the Series B round in 2023.
About Canoe Intelligence
Canoe Intelligence is dedicated to advancing alternative investment intelligence for institutional investors, capital allocators, wealth managers, and asset servicing firms. The company’s AI-driven technology empowers clients to manage alternative assets more efficiently, accurately, and confidently. This redefines the future of alternative investment data management.
Strategic Goals and CEO’s Vision
Jason Eiswerth, CEO of Canoe Intelligence, expressed enthusiasm about the partnership with Goldman Sachs. He emphasized that the new capital would further Canoe’s mission of advancing the alternative investments sector through innovative AI and machine learning technologies. These technologies aim to enhance the firm’s comprehensive back-to-front office capabilities, ensuring data integrity and creating value for clients.
Market Context and Technological Innovation
Alternative investments represent $22 trillion in assets under management globally, underscoring the critical need for advanced technology in managing investment documents and data. Canoe’s automated infrastructure significantly improves data accuracy, access, team efficiency, and client satisfaction. The platform serves 325 institutional investors, capital allocators, wealth managers, family offices, and asset servicing firms, including notable clients like Blackstone and Hamilton Lane.
Investor Insights and Market Position
Jade Mandel, Managing Director in Growth Equity at Goldman Sachs Alternatives, highlighted Canoe’s value in streamlining data for greater efficiency and accuracy. Mandel noted the growing inflows to alternative investments and Canoe’s unique position to capitalize on this trend. This investment is seen as a significant step towards supporting Canoe’s mission to streamline alternative investment data globally.
Canoe Intelligence: Growth and Market Leadership
Since its Series B funding in February 2023, Canoe has achieved 100% year-over-year growth in clients and revenue. The firm has extensive partnerships with leading global asset servicing firms, investment consultants, funds of funds, endowments, independent wealth managers, and single-family offices. Canoe supports over 1,000 LPs across 650,000 commitments and subscriptions to more than 42,000 funds, making it one of the most robust fund master databases worldwide.
Client Success and Technological Impact
Griffith Norville, Head of Technology Solutions at Hamilton Lane, praised Canoe’s technology for enhancing data transparency and operational efficiencies. Integrating Canoe into Hamilton Lane’s ecosystem has transformed data management processes, ensuring high-quality data for teams and clients. Canoe’s AI and machine learning technology significantly boost operational efficiency and productivity by automating alternative investment data collection, categorization, validation, and delivery.
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