Canoe Intelligence completes Series A extension funding led by its clients, Blackstone and Carlyle
Fintech to use funding to accelerate development of its award-winning alternative investment document and data processing solution
NEW YORK, September 9, 2021-- Canoe Intelligence (“Canoe”), a financial technology company redefining data management processes for alternative investors, wealth managers, asset servicers, and capital allocators, today announced the completion of an oversubscribed extension of its Series A financing led by Blackstone Innovations Investments and Carlyle, with participation from existing investor Hamilton Lane.
Since becoming clients of Canoe, both Blackstone and Carlyle have experienced significant efficiencies in automating their investment workflows, particularly related to document collection, data extraction and normalization, and data delivery into internal and external reporting systems. As a result of their experience so far, both firms decided to lead Canoe’s latest funding round and further support Canoe’s strategic direction and the industry adoption of automated technology.
Canoe completed its initial Series A funding round in February 2020 which included investments from multiple participants, many of whom are also strategic partners and advisors, including Hamilton Lane, Nasdaq Ventures, and other alternative investment leaders.
With this additional funding, Canoe plans to continue accelerating the product development of its award-winning platform that brings greater ease and efficiency to the management of data used for alternative investment analysis, accounting, and reporting. The company also plans to expand its product suite to include new tools, functionality and reporting capabilities, and continue to make alternative investment data available to clients in ways that further drive value and bottom-line impact. Finally, Canoe expects to further expand its presence geographically, and grow its leadership team with top-tier product, development, machine learning and data science talent.
“We are fortunate to be partnering with some of the most prominent investors in the industry. With the support of Blackstone and Carlyle, we will continue to help asset managers, advisors, asset servicers, and allocators around the world streamline their operations, improve alternative investment data processing, and scale their businesses,” said Jason Eiswerth, CEO at Canoe Intelligence. “The additional capital will ensure we continue to exceed our clients’ expectations with products and services that are second to none.”
Since Canoe’s commercial launch in 2018, the company has established relationships with some of the world’s most sophisticated asset managers, service providers, family offices, and allocators, most recently including State Street. Canoe’s technology has enabled these companies to maximize the value of their data and focus more on investment decision-making, client service and other value-add functions.
“Since becoming Canoe clients, our team immediately experienced new efficiencies in our post-investment workflows from reducing latency in reporting, to populating our internal systems and investment book of record with the most relevant data,” said John Fitzpatrick, Managing Director and Chief Technology Officer of Alternative Asset Management Technology at Blackstone. “We have been highly impressed by Canoe’s technology through our first-hand experience and are thrilled to invest in Canoe’s future.”
“Carlyle has been investing in emerging technology providers that increase efficiency and allow us to harness our significant information advantage. Our partnership with Canoe is an important part of this effort, as it automates back office documentation processes and data extraction, reducing manual tasks and allowing our team to focus on higher value-add work,” said Eric Hanno, Partner and Co-head of AlpInvest’s Primary Investment Team at Carlyle. “We are very excited to support Canoe and to work closely with them on future product development.”
Carlyle is implementing this technology at AlpInvest, a private equity asset manager within Carlyle’s Investment Solutions segment.
Canoe was founded in 2013 within Portage Partners to streamline its operations and was spun out in late 2017 with funding from a select group of investors, clients, and advisors. This news is emblematic of Canoe’s successful year that has included industry award recognition and numerous new client engagements with institutional investors and family offices.
ABOUT CANOE INTELLIGENCE
Canoe Intelligence reimagines alternative investment data processes for hundreds of leading institutional investors, capital allocators, asset servicing firms and wealth managers. By combining industry expertise with the most sophisticated data capture technologies, Canoe’s technology automates the highly-frustrating, time-consuming, and costly manual workflows related to alternative investment document and data management, extraction and delivery. With Canoe, clients can refocus capital and human resources on business performance and growth, increase efficiency, and gain deeper access to their data. Canoe’s AI-driven platform was developed in 2013 for Portage Partners LLC, a private investment firm. www.canoeintelligence.com
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $684 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Investment Solutions. With $276 billion of assets under management as of June 30, 2021, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs nearly 1,800 people in 27 offices across five continents. Further information is available at carlyle.com. Follow Carlyle on Twitter @OneCarlyle
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