Canoe Intelligence, which is improving data management for wealth and asset managers, has extended its Series A funding round.
The fresh investment was led by Blackstone Innovations Investments and Carlyle, with commitments also coming from existing backer Hamilton Lane.
With the capital injection, the company hopes to further its product development efforts, and enhance its data management capabilities. Additionally, funds were used to expand its tools to include new reporting capabilities and make alternative investment data available to clients.
Finally, Canoe hopes the funds will support its geographical growth and hiring efforts.
Canoe helps institutional investors, capital allocators, asset servicing firms and wealth managers with data management tools. Its technology automates workflows involved with document collection, data extraction and normalisation.
Canoe Intelligence CEO Jason Eiswerth said, “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.
“The additional capital will ensure we continue to exceed our clients’ expectations with products and services that are second to none.”
The company initially closed its Series A funding round in February 2020 on an undisclosed amount. The initial tranche was supported by Hamilton Lane, Nasdaq Ventures and others.
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