Canoe Intelligence (“Canoe”), the financial technology company guiding the alternatives industry forward with smarter data management, today announced two strategic initiatives that will shape the future of alternative investment data: the Canoe Data Innovation Hub and the Canoe Asset Data Design Partnership.
Building upon Canoe's recent successes, which include 100% year-over-year growth and a strategic $25 million Series B financing round in February 2023, Canoe is continuing to advance operational excellence through the expansion of its platform and product suite.
The Canoe Asset Data Design Partnership
Canoe has identified strong demand across its client base for access to asset-level data to solve several core use cases, including exposure analysis, portfolio analysis, and due diligence. Within the Canoe Data Innovation Hub, a cross-functional team of strategists, product managers, engineers, and growth experts are partnering with 13 Canoe clients across firm types, geographies and strategies to design and build its inaugural product offering, Canoe Asset Data.
This Design Partnership addresses the challenges clients face today, where they often rely on manual, time-consuming methods to access and analyze asset-level data. Canoe's aim is to deliver a scalable, cost-effective solution that complements the company’s existing offerings and approach.
Jason Eiswerth, CEO of Canoe Intelligence, noted, "The Canoe Data Innovation Hub and the Canoe Asset Data Design Partnership are not just initiatives; they are integral pillars of our strategic vision. We are acutely aware of the evolving landscape in alternative investments and the need for greater data granularity, including both fund and asset-level data. Delivering both is a significant component of our mission: to provide complete transparency to our clients, and allow them to revolutionize the way they manage their portfolios."
Leading the Canoe Data Innovation Hub is Aman Soni, VP of Data Strategy, who added, “Canoe is strategically positioned to drive standardization and transparency in the alternative markets, and the launch of our Canoe Data Innovation Hub signifies our unwavering commitment to deliver on this promise. Our inaugural product, Canoe Asset Data, offers a timely, accurate, and comprehensive view of transparency within investor portfolios, utilizing a tech-first approach. We have an exciting roadmap for product development, and this marks our initial stride toward realizing our overarching vision.”
Canoe Asset Data will confidently and reliably extract and deliver detailed information pertaining to individual assets or holdings within clients’ investment funds, ensuring scalability, precision, and faster decision-making ability. Given the complexity and diversity of alternative investments, having access to accurate and comprehensive asset-level data is essential for achieving transparency, managing risk, and ultimately achieving investment objectives in the alternative investment space.
Canoe Asset Data is set to be commercially available in Q1 2024 following the conclusion of the design partnership program and beta release.
This development builds on key platform infrastructure enhancements, insights driven by Canoe’s unique Shared Intelligence, and the company’s mission to manage alts smarter. To meet surging demand, Canoe has expanded its global operations over the past 12 months, increasing its headcount to 125 employees worldwide and opened a new office in London as the business extends its reach into Europe.