Financial technology company Canoe Intelligence has secured $36m in its Series C financing round to advance alternative investment intelligence.
Led by Growth Equity at Goldman Sachs Alternatives, the funding round had participation from the financial technology company’s existing investors F-Prime Capital and Eight Roads.
The new capital will allow Canoe Intelligence to continue its investment in developing proprietary artificial intelligence (AI) and machine learning technology. The new technology is expected to bolster its extensive back-to-front office capabilities.
Growth Equity at Goldman Sachs Alternatives managing director Jade Mandel said: “Canoe creates meaningful value for its clients, streamlining and synthesising data for greater efficiency and accuracy.
“As inflows to alternative investments continue to grow, Canoe is uniquely positioned to capitalise on the trend. We see significant potential in Canoe and are excited to invest in their future.”
Based in the US, Canoe Intelligence caters to institutional investors, capital allocators, wealth managers, and asset servicing firms.
The company facilitates enhancements in data accuracy and access, team efficiency, and client satisfaction for investors with its automated infrastructure.
Canoe Intelligence’s platform optimises data management for a diverse client base including Blackstone and Hamilton Lane.
By utilising AI and machine learning, the company automatically collects and categorises alternative investment documents from investor portals and email inboxes.
The technology then removes the need for manual data entry by extracting, validating, and delivering clean data to downstream systems.
Canoe Intelligence CEO Jason Eiswerth said: “We eagerly anticipate driving the next phase of Canoe’s evolution in partnership with Goldman Sachs.
“The success of this funding round is a testament to our leading market position, as well as our future potential.
“With the additional capital, we will continue to advance the alts industry by building innovative AI and machine learning technology, delivering comprehensive back-to-front office solutions, maintaining our commitment to data integrity and, most importantly, creating value for our clients.”
Canoe Intelligence completed its $25m Series B funding round in February 2023. It was led by F-Prime Capital with participation from Eight Roads.
