US-based investment management software provider Canoe Intelligence has received at least $11.8m in a series A round featuring Nasdaq Ventures, the corporate venturing arm of stock exchange operator Nasdaq.
Hamilton Lane, Portage Partners, Promus Capital and unnamed additional investors also took part in the round. Canoe did not confirm its size but a regulatory document last month revealed it had raised $11.8m for a round with a $12.7m target for its close.
Canoe has created a software platform that uses machine learning to automate and optimise alternative investment activities by readying data for reporting, analytics and accounting. The funding will accelerate platform development.
Gary Offner, head of Nasdaq Ventures, said: “The significant growth of alternative investments has often not been accompanied by the required technology and infrastructure to scale. Canoe has made important strides in addressing key data challenges in this space through technological advances.
“Through our continual quest at Nasdaq to support unique and innovative technology companies, we are pleased to participate in Canoe’s financing and support the company’s continued growth.”
The company was incubated by Portage Partners from 2013 until it was spun off in 2017, with an undisclosed amount of funding from a range of clients, advisers and other investors, though only Randall Winn, a partner at investment firm 22C Capital, was named.
