Canoe Intelligence, a technology company that provides data management and intelligence solutions for alternative investments, has secured an additional $25 million in funding. The funding was led by Nasdaq Ventures, with participation from existing investors Hamilton Lane and Portage Partners.
Canoe Intelligence’s platform is designed to streamline the data management process for alternative investment firms, including private equity, hedge funds, and real estate investment trusts (REITs). The platform automates the collection, normalization, and reconciliation of data from multiple sources, including custodians, administrators, and accounting systems.
The platform also provides intelligence and analytics tools that enable investment managers to gain insights into their portfolios and make more informed investment decisions. The platform includes features such as customizable dashboards, performance reporting, and benchmarking.
The additional funding will be used to accelerate the development of Canoe Intelligence’s platform and expand its sales and marketing efforts. The company plans to hire additional staff to support its growth and expand its customer base.
“We are thrilled to have Nasdaq Ventures lead this round of funding and to have the continued support of our existing investors,” said Seth Brotman, CEO of Canoe Intelligence. “This funding will allow us to continue to innovate and provide our clients with the best possible solutions for managing their data and gaining insights into their investments.”
The alternative investment industry has traditionally relied on manual processes for data management, which can be time-consuming and error-prone. Canoe Intelligence’s platform aims to automate these processes and provide investment managers with a more efficient and accurate way to manage their data.
“Alternative investments are a growing asset class, but they come with unique challenges when it comes to data management,” said Gary Offner, Head of Nasdaq Ventures. “Canoe Intelligence’s platform addresses these challenges and provides investment managers with the tools they need to make better investment decisions.”
Overall, the additional funding for Canoe Intelligence is a positive sign for the alternative investment industry. As more firms adopt technology solutions like Canoe Intelligence’s platform, they will be better equipped to manage their data and gain insights into their portfolios. This could lead to improved performance and better outcomes for investors.
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