Canoe Intelligence has completed its Series C funding round of $36m, led by Growth Equity at Goldman Sachs Alternatives with aid from existing investors.
This latest round for Canoe represents a 3x increase in company value since its Series B funding in 2023.
With the additional investment, Canoe will continue its investment in building proprietary AI and machine learning technology.
Through its automated infrastructure, Canoe drives improvements in data accuracy and access, team efficiency, and client satisfaction for investors.
In addition, Canoe’s platform streamlines data management for a diverse client base of 325 institutional investors, capital allocators, wealth managers, family offices and asset servicing firms, including Blackstone and Hamilton Lane.
Canoe funding reaction
“We eagerly anticipate driving the next phase of Canoe’s evolution in partnership with Goldman Sachs,” said Jason Eiswerth, CEO of Canoe Intelligence. “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.”
Jade Mandel, managing director in growth equity at Goldman Sachs Alternatives, added: “Canoe creates meaningful value for its clients, streamlining and synthesizing 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. We are glad to support their mission to streamline alternative investment data globally.”
“With Canoe, we have found a leading technology partner that shares our vision for enhancing data transparency and seeking to achieve greater operational efficiencies across the private markets,” commented Griffith Norville, head of technology solutions at Hamilton Lane. “Integrating Canoe into our firm’s ecosystem has transformed our data management processes by streamlining data entry workflows and eliminating redundancies in an effort to ensure the highest quality of data for our teams and clients. As both an investor and user of Canoe’s technology, we believe Canoe’s dedication to developing proprietary AI and machine learning technology sets them apart in the industry, and we are excited to continue working together to further digitise the asset class.”
