Canoe Intelligence Review: Features, Integration and Pricing 2023
Effective data management is crucial for businesses, especially in finance. Surprisingly, studies revealed that only 37% of businesses have a defined data management strategy. Canoe Intelligence is one company helping businesses up their data management game.
Canoe Intelligence uses AI technology to automatically gather and categorize documents from investor portals, helping alternative investment firms streamline their data management processes. In this article, we’ll dive into how the platform works, explore its core features, and reveal how it can help businesses make better decisions based on reliable data.
Canoe Intelligence Overview
Canoe Intelligence is a remarkable financial technology company powering the future of alternative investments. The company aims to drive the alternative industry forward with more intelligent data management.
But first, let’s delve into what alternative investments are. These financial assets do not fit the conventional income, cash, or equity categories. Examples include real estate, private equity, art, hedge funds, and cryptocurrencies.
Canoe Intelligence helps these businesses convert complex documents into actionable intelligence within seconds. With its tools, users can empower allocators with tools to unlock new efficiencies for their business. They can then refocus their capital and human resources to enhance business efficiency, growth, and performance and gain deeper access to their data.
Before its official launch in 2017, Canoe Intelligence developed its AI-driven platform in 2013 for Portage Partners, a private investment firm. In 2017, the company began extending its services to other businesses. It helped them manage complex alternative investment documents and data.
Maintaining a focused, client-first approach to building and enhancing its technology, Canoe has raised over $38M in funding since its launch. The latest addition to its funding rounds is a $25M secured in its Series B funding round.
Looking to the future, the company, led by CEO Jason Eiswerth, aims to expand into European markets and enhance new product development while strengthening its core platform.
- Established: 2017
- Founder: Wei Wang
- Offices: US (Headquarters), UK
5 Core Features of Canoe Intelligence
Expert Opinion
Rating: 4.6/5
Canoe Intelligence is a fintech company that delivers alternative investment intelligence for institutional investors, wealth managers, capital allocators, and asset servicing firms.
From our experience with Canoe Intelligence, we established that collecting data across various sources is straightforward on the platform. Categorizing and extracting data from investor portals and inboxes is also much more efficient. That helps in making better data-driven decisions on alternative assets.
The artificial intelligence solution provides high accuracy and efficiency, saving investment firms significant money and time. However, the solution may be expensive for smaller investment firms. Also, Canoe should consider expanding its data source integrations to make it easier for firms to automate their workflow.
Generally, Canoe Intelligence is a valuable tool for managing alternative investment data. It is highly efficient, accurate, and easy to use. We have verified the platform to automate workflow, improve operational efficiency, and help investors make more informed decisions.
Notable Features of Canoe Intelligence
Here are the notable features that distinguish Canoe Intelligence from other alternatives:
1. Automated Data Collection
Canoe’s purpose-built technology facilitates the automation of data collection from all sources. That includes document portals, e-mails, and bulk uploads.
It is no secret that every institutional asset firm, wealth manager, and investment consultant begins their reporting process by gathering relevant data. They collect these documents from multiple sources, which may have varying formats and frequencies.
While this might seem simple at face value, it is usually one of the most time-consuming tasks for firms managing complex portfolios. Canoe’s AI technology directly addresses this issue by ingesting all documents with diverse types and formats.
With the automated data collection feature, you can streamline retrieval from e-mails and portals. Teams don’t necessarily need to manage login credentials and passwords on the portal. Canoe stores all that data securely on its server.
Canoe also automatically categorizes and renames every document you receive, eliminating the need for manual data entry and possible human errors. As Canoe works with more clients and partners, its shared intelligence can spot and flag missing and late documents.
2. Streamlined Document Categorization
After gathering all the crucial client reports, the next step is to categorize them. That involves identifying the client account, investment name, entity name, report date, document type, and other essential data.
Using centralized document storage, Canoe Intelligence systematically tags documents by dates, client names, and other categories you choose. It uses a standard naming convention that you can customize according to your preference. All documents are securely stored in Canoe’s cloud-based repository, where users can search, sort, and find documents online within seconds.
Within the Canoe Intelligence document center, authorized team members can access documents directly. This automatically resolves possible control issues while completing this work manually. Either way, you can be assured that your data is always securely accessible in the cloud or by API, leveraging Canoe Intelligence.
3. Advanced Data Extraction
Canoe does not use regular data capture like OCR. Rather, it uses AI and machine learning to extract data. After categorizing the reporting documents, it determines the relevant data points within each document. You can then extract these elements and save them for future use in downstream systems.
Canoe combines several approaches, such as text anchoring and natural language processing (NLP), to create reliable patterns for scalable data extraction. Regardless of the document’s structure or length, its extraction engine captures data efficiently.
Canoe’s extraction engine also enables clients to gather more reporting data than ever. As such, users can learn from what others have done and use that knowledge to find and organize the data they need quickly. Canoe’s growing intelligence can also help access robust data sets in data science projects.
4. Data Validation
Data accuracy is a rule, not a goal. Imagine being able to verify your data with a predefined list of investment, business, and accounting rules. Canoe’s data validation feature ensures the accuracy of the gathered information by following these rules:
Business rules:
Using this intelligence, you can service clients faster and validate data within the context of your total client base. Canoe does this by notifying you when clients or document types are added. It also automatically matches your investments with existing subscriptions or commitments.
Accounting rules:
By verifying data with traditional accounting logic, you can receive alerts when your current beginning balance doesn’t match the previous ending balance. For instance, it lets you spot differences like the reported net profit not being the same as the calculated profit
Investment rules:
Validating data across investment rules helps you identify investment-related discrepancies instantly and achieve 100 percent data accuracy.
For example, if 25 clients commit to a fund, and only 23 receive a capital call notice, the platform would notify you of the missing capital calls in this case.
When a payment request is received, you can also check whether the money requested as a percentage of the total commitment is the same for all parts of the fund.
5. Downstream Data Delivery
Canoe helps businesses deliver clean data to many downstream systems. After collecting, categorizing, extracting, and validating data, the final step in Canoe’s optimized workflow is ensuring the data points can be helpful for further analysis within downstream systems.
Canoe Intelligence’s data delivery features provide clients a flexible and scalable way to access their data. It then customizes the data to meet each client’s specific needs.
For example, a private equity firm can use the platform to deliver data on its portfolio companies to its CRM system. That helps the firm track and manage its relationship with the companies better.
Canoe Intelligence Integrations
Canoe Intelligence is designed to work with many platforms, making it easier for users to use. You can send data to various systems, such as reporting platforms and accounting software, using APIs or uploads. That works on all platforms.
Canoe Intelligence works well with its partners’ tools to generate better investment decisions. The platform is compatible with analytics tools such as Solovis and Caissa. That allows investment teams to gain deeper insights into data performance.
You can also leverage its integrations with Addepar, Black Diamond, and Tamarac for outstanding performance and accounting analysis.
Plans and Pricing
Canoe Intelligence does not offer a free trial or version at the time of writing. However, you can schedule a demo to explore the tool’s data management solution effectively. Like many SaaS platforms, the pricing is a pay-as-you-go model, allowing you to pay for each document processed.
Aside from the number of documents processed, the platform’s pricing may also depend on the level of data extracted and custom integrations the firm needs.
Terms and Policies
Terms and policies are essential for sustainable relationships between service providers and consumers. Canoe Intelligence has its terms of service governing the use of its platforms and services. Before using the platform, clients must agree to comply with its regulations and use its services lawfully and ethically.
Canoe Intelligence also has a strict privacy policy to protect the data of its clients, parents, and site visitors. The company gathers different types of data for various reasons to improve its services.
Personal data you may be required to provide include your first and last name, phone number, e-mail address, and state, city, or province. The company may also collect usage and tracking data like your computer’s IP address, browser type, and visit dates.
Please know that Canoe Intelligence may share your data with government agencies or third-party companies when needed. If you have any more questions or worries about the company’s privacy policy, you can contact the company to discuss your concerns.
Customer Support
Canoe Intelligence offers customer support via business hours and online. You can access online support by booking a demo on the company website.
To schedule the demo, you must provide your e-mail address, first and last name, job title, company name and type, and other relevant data. You can then state your question or inquiries in the message box and click submit.
A company representative typically reaches out to you soon after validating your e-mail. If joining Canoe interests you, check the careers page to learn about job openings and the company culture.
You can also visit the company’s physical locations in the US or UK for in-person consultations. Below are Canoe’s corporate office addresses, e-mail support channel, and phone number:
New York
307 Canal Street
New York, NY 10013
United States
London
Hamilton House
1 Temple Avenue, LG01
London
EC4Y 0HA
United Kingdom
E-mail address
Phone number
+1 646 992 4375
Conclusion
Alternative asset classes have become essential for investors seeking higher returns and diversification. Over the past decade, investments in alternative assets have grown from $4.6 trillion to $13.3 trillion. It is expected that these investments will reach $23 trillion or more by 2026 on a global scale.
As the asset class grows, there is a growing need for standardized technology to manage alternative investment data. Canoe Intelligence is ideally positioned as the intelligence company powering alternative investments.
Do you believe this tool can enhance your operational efficiency? Schedule a demo with the company today to find out.
Contributors: Queen Quadri (Technical Writer), Rhoda Eyimofe (Graphic designer)
