Financial Services Forum Innovation Prize to be Awarded in London
NEW YORK – March 28, 2019 – Canoe Intelligence (Canoe), a first-of-its-kind technology that eliminates manual data entry for alternative asset investors, has been nominated to receive the 2019 “Transforming the Workforce” award from The Financial Services Forum.
The awards celebrate the very best product and service innovations in the financial services industry. Award nominees are selected based on their ability to deliver tangible benefits for customers and providers, according to The Financial Services Forum.
“Canoe is having a transformative impact within the institutional investment community and we are thrilled to be recognized by The Financial Services Forum.” said Canoe’s CEO, Seth Brotman, CFA. “In collaboration with our clients and partners, we’re proud to be ushering in a new era of data operations.”
Canoe launched commercially in October 2018, after years of incubation within a multi-family investment firm. Canoe believes that manual data entry can be eliminated and operational processes can be streamlined. Through its ground-breaking technology, Canoe ingests unstructured alternative investment documents from multiple sources, and uses machine learning to extract, validate and normalize the relevant data. Critically, Canoe transforms this data into a format that can be delivered into your accounting and reporting systems of choice. This new optimized workflow enables firms to refocus capital and human resources on business performance and growth.
Today’s sophisticated allocators manage complex portfolios including scores of alternative investments such as hedge funds, private equity and venture capital. As a result, allocators are inundated with up to 50,000 documents annually, containing 200,000 or more critical transaction, valuation and performance data points. Firms have historically relied on teams of individuals or offshore groups to manually manage data extraction and document storage, leading to industry-wide frustrations due to errors, latency, spiraling costs, and lack of control.
The winning entries will be announced at The Financial Services Forum Product and Service Innovation Awards Dinner on Thursday, 23 May, 2019, at the Museum of London, United Kingdom.
ABOUT CANOE INTELLIGENCE
Canoe’s technology allows institutions, LPs, and family offices to automate data extraction, data management, and other operational processes in order to refocus capital and human resources on business performance and growth. Canoe’s AI-driven platform was developed in 2013 for a multi-family office and today is relied upon by hundreds of institutional investors, advisors, and family offices. www.canoeintelligence.com