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Alternatives Data Service Firm Canoe Raises $36m in New Funding

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Canoe Intelligence has raised US$36 million in a Series C round to help the alternatives market technology company build out its artificial intelligence-supported fund master database services.

The fundraising was led by Growth Equity at Goldman Sachs Alternatives. F-Prime Capital and Eight Roads, which contributed to a previous cash injection last year, also joined the latest round.

Canoe Intelligence was launched in 2018 with the claim that it would be the first technology company in the world to transform unstructured data from alternative investment documents into standardised information that investors could integrate easily into their systems.

The New York-based company uses machine learning and other AI technology to scan publications and documents for use by its 325 clients, which comprise institutional investors, capital allocators, wealth managers, family offices and asset servicing firms. Alternatives, including private equity and credit markets, account for $22 trillion of assets worldwide, about 15% of all assets globally, and roughly a third of all institutional holdings.

“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,” said chief executive Jason Eiswerth.

Canoe Intelligence says that since its Series B funding round in February 2023 it has doubled growth in both the number of clients and revenue. It oversees the alternative data management needs of more than 1,000 limited partners across 650,000-plus commitments and subscriptions to in excess of 42,000 funds.

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