NYC-based startup Canoe announced Wednesday it raised $25 million to grow its artificial intelligence-powered fintech solution that streamlines document and data management processes for institutional investors, wealth managers and other alternative investment firms.
Canoe’s platform uses AI and machine learning to extract information from documents, eliminating the need for manual data entry. By automating this data collection, Canoe’s platform delivers more accurate data and allows investment teams to be more efficient in acting on investments.
Canoe has seen tremendous growth recently. The company grew its global client base by over 200 percent in 2021, and it has continued that pace into 2022, according to the company.
Canoe currently has 80 employees and 17 of them were hired in 2023. A company representative told Built In that it plans to grow its team by at least 50 percent as a result of the Series B funding round led by F-Prime Capital. The new capital will also fuel Canoe’s expansion into the European marketplace, along with enhancements to its enterprise platform.
“As alternative investments continue to gain popularity amongst institutional and individual investors, the new injection of capital will allow us to further serve our customer base and streamline alternative investment data globally,” Canoe CEO Jason Eiswerth said in a statement.
