Canoe Intelligence provides AI-driven, cloud-based technology that automates the ingestion, extraction, and management of unstructured documents and data for institutional investors, capital allocators, and wealth managers, thereby streamlining alternative investment reporting workflows. Pulse 2.0 interviewed Canoe Intelligence Partner and Chief Strategy Officer Mike Muniz to learn more.
Mike Muniz’s Background
Could you tell me more about your background? Muniz said:
“I’ve been in the alternative investment space my entire career. Out of college, I joined Cambridge Associates, the world’s most sophisticated investment consultant, working with non-profits and private families on manager selection, asset allocation, and portfolio construction. I fell in love with private and alternative fund investing and was fortunate to work with incredibly talented colleagues.”
“During my time at Cambridge, I dealt with the challenges associated with alts data management, particularly related to data quality, data latency, and manual redundancy- I found myself spending more time on data entry and data quality control than on data analysis, interpretation, and action. And while I loved the firm, our clients, and the space, I never felt satisfied operating in a consulting capacity and wanted to find a company where I could have a greater impact on execution and growth.”
“I joined Novus, now part of SEI, as a very early hire – Novus was a fintech startup working with GPs and LPs to more reliably identify underlying drivers of performance and alpha using data and technology. I served in a multitude of roles, played a key role in growing the business from a few handfuls of clients to over 150 around the world, and fell in love with building and operating early-stage businesses.”
“After Novus, I joined Dealogic, now part of ION, to run a business they acquired. I ran that business for three years, pivoting the company and product to capitalize on MIFID II regulation in Europe. Dealogic sold to ION, and I was fortunate enough to reconnect with a former Novus colleague in 2017 to launch Canoe Intelligence (‘Canoe’).”
Formation Of The Company
How did the idea for the company come together? Muniz shared:
“Anyone investing in alternatives can tell you that the processes around performance reporting, accounting, analytics, and client reporting are document and data-intensive.”
“PCAPs, Cash Notices,Financial Statements, Quarterly Reports, Performance Estimates, Tax Documents, and dozens more are sent to LPs via email or posted to secure portals for retrieval at disparate frequencies, in different formats, and with varying levels of unstandardized information.”
“Historically, after allocating to an alternative or private fund, firms would need to allocate large teams to manage this process. Clearly, this led to outsized costs, less than ideal data quality, and limitations in the amount of data that could be gathered and actions from these managers. I saw this challenge firsthand atCambridge and at Novus, and my partner lived this experience while working at FoFs and Single Family Offices.”
“Building a technology to automate the collection and aggregation of documents and the extraction, digitization, standardization, validation, and delivery of the data to enable accounting, analytics, reporting, and other operational workflows was something that anyone in the alternative investment space could benefit from.”
“Today, at Canoe, we enable our clients to create operational leverage, reduce risk and redundancy across their organizations, and, importantly, make decisions and take actions more confidently and transformatively faster than before.”
Favorite Memory
What has been your favorite memory working for the company so far? Muniz reflected:
“I am beyond humbled ona daily basis by the team that we’ve built, the investors we’ve assembled, and the clients we’ve brought into the Canoe family. This is the most impressive group of people I’ve ever had the opportunity to work with, and our client base is unparalleled in terms of its sophistication, prestige, and willingness topartner on the continued growth and development of Canoe. Every new client we have brought on and every new investor we’ve welcomed has been a meaningful step in our journey at Canoe.”
Core Products
What are the company’s core products and features? Muniz explained:
“Canoe automates the operational work associated with alternative and private markets investing.”
Challenges Faced
Have you faced any challenges in your sector of work recently? Muniz acknowledged:
“We’ve seen a lot since we launched in 2017, and we’ve always viewed challenges as opportunities. One opportunity we’ve been very focused on of late relates to the rise of AI.”
“Our approach has always been to build reliable, scalable technology solutions answering real problems our clients face. In that way, we think about the end-to-end solution and build for the outcomes that our clients require. Further, we find that AI implementations struggle due to a lack of high-quality data and domain expertise. We’ve built our business on these foundational principles, which have allowed us to layer in cutting-edge AI technology that is solving real problems for clients and is easy and reliable to adopt. While others have rushed LLMs to market, we believe our approach results in an optimal experience.”
Evolution Of The Company’s Technology
How has the company’s technology evolved since launching? Muniz noted:
“As a start-up solving a key problem for anyone investing in funds, we have always had a point of view on the optimal solution for clients. That said, our clients have been instrumental in partnering with us to shape the continued development of our product and innovation in our technology.”
“Canoe Connect, the first technology-based document collection offering, was developed and launched based on client feedback. Canoe Asset Data, our portfolio company data management solution, was designed and built in concert with key client partners. Canoe Labs was launched as a collaborative innovation centre offering clients direct access to a stream of emerging AI capabilities before they reach the broader market.”
“Importantly, over the last two years, we’ve continued to reinvest in our core technology architecture to take advantage of the benefits of AI. These investments have led to a modern engine on which our platform runs and innovative new functionality as part of our Canoe Labs launch. We expect to continue to evolve, optimize, and expandour product and technology as we grow.”
Significant Milestones
What have been some of the company’s most significant milestones? Muniz cited:
Funding rounds:
— February 2020: Series A financing round. Funding participants, many of whom are also strategic partners and advisors, included Nasdaq Ventures, Hamilton Lane, Portage Partners, Promus Capital, and other alternative investment leaders.
— September 2021: Series A extension funding led by our clients, Blackstone InnovationsInvestments and Carlyle, with participation from existing investor (and client)Hamilton Lane.
— February 2023: $25 million Series B capital raise, used to accelerate expansion intoEuropean markets, grow the team in key functional areas, enhance enterprise product offerings, develop new data products, and continue to strengthen our core platform.
— July 2024: $36 million Series C capital raise, marking a 3x increase in Canoe’s company valuation since 2023’s Series B round. This capital has been put towards further investments into our proprietary AI and machine learning technology.
Growth milestones:
— Following the Series B raise in February, Canoe opened a London office in May 2023, reinforcing our leading position in the region and positioning the business for accelerated growth across EMEA.
— Since then, EMEA quickly became one of Canoe’s major areas of investment and growth in an effort to understand global demands. We saw a 90% EMEA headcount increase over the course of 2024, and EMEA clients represented 30% of our net new clientele in 2024.
— Our new brand identity, “Alts, smarter.” launched in Q3 2023 to coincide with Canoe’s fifth anniversary.
— Closing out the 2024 year with a bang, we opened a third physical office location inJacksonville, Florida. The office was a natural next step for Canoe—with the city’s existing status as a financial services and information technology hub, we had already been working with a number of employees, clients, and partners in the area. As of Q3 2025, 10% of our employees are based out of this office.
Product launches:
— October 2023: We launched Canoe Tax, a tool that enables clients to streamline the management of common tax documents, including Form 1099, Form 8621, Form ADV, state and federal K-1 and K-3, among others.
— November 2023: Canoe Pro launches with first Pro Partner, Amplify Advisory Solutions, and follows with additions of Deviate Consulting, Ellevate, Alpha Alternatives, and Prime Buchholz to the offering. Canoe Pro is a comprehensive solution that integrates expert services into the Canoe client experience.
— March 2024: Canoe Asset Data launches, expanding our platform’s core capabilities with deeper transparency and insights at the asset level.
— September 2025: Canoe Labs launches as a new innovation lab, giving early access to alt-specific, industrial-grade AI capabilities, advancing private markets data workflows and insights.
Customer Success Stories
Can you share any specific customer success stories? Muniz highlighted:
University of Southern California (USC) Investment Office
Canoe partnered with RMS provider, Bipsync in 2022 to bring unrivaled efficiency to investment document management by streamlining and automating the investment document collection and categorization processes for mutual clients, delivering superior content management for investors to make more informed investment decisions.
This partnership enabled 7,200+ documents to flow from Canoe to Bipsync over the span of eight months, representing a 350% increase in documents being collected, tagged, and made readily available to the University of Southern California’s investment team.
“‘Canoe automates the document collection process, which saves countless hours that can be used more efficiently. Many more documents are being stored systematically than we had in the old system, so it’s been such a pleasant surprise.’ -Bob Ohanesian, InvestmentOperations Manager at University of Southern California.”
Align Impact
“Canoe helped AlignImpact fast-track scalability by enabling a 50% increase in the number of client investment positions without any additional human capital within the first 7 months of implementing Canoe’s solution.”
“‘With Canoe, we now trust our alternative investment data. By automating our alternative investment reporting process, we are able to scale our firm, execute on data projects with more confidence, and continue to develop diverse portfolios aligned with our clients’ goals and values.’ -Eric Stephenson, former Director of Client Services & Operations at Align Impact.”
Ohana Advisors
“Canoe delivered organized and efficient data management by presenting all of the team’s specific fund data neatly presented in a spreadsheet. This allowed Ohana Advisors to leverage deeper datasets for analysis and uncover new opportunities to work with clients. This process previously took 2 hours per client each quarter to compile all relevant numbers and charts – it now takes a total of one week per quarter to complete for all clients.”
“‘The true ‘aha moment’ (with Canoe’s streamlined automation) came when the team witnessed their specific fund data neatly presented in a spreadsheet. The first time we saw a spreadsheet with our specific funds with the data in it–that was probably it for us.’ -John Schneider, Managing Partner & Chief Operating Officer at Ohana Advisors.”
XO Capital LLC
“Before using Canoe, XOCapital’s document and data collection process took a significant amount of time, duplicating work done by multiple people inside the organization.Employees sent the same documents more than once to the performance team and experienced challenges in logging into different portals due to authorization codes being sent to the wrong individuals. From a data perspective, they had to manually pull data from various PDFs and input them into a database by hand, so many errors existed in their system as a result.”
“’The effectiveness of Canoe’s technology made our decision to move forward with them very easy sinceI was able to see the machine learning models in action, watching how quickly the models were able to adapt to the data we presented. The features that stood out to me were the API (which we regularly use to extract data from the Canoe system), the team’s understanding of how family offices are built, the user experience for tagging data and uploading documents, and the connectivity directly to portals. Canoe has performed flawlessly, in line with what I anticipated when we signed up.’ -Tim Decilveo, Co-Founder, CIO, and Head ofTechnology”
Funding/Revenue
Are you able to discuss funding and/or revenue metrics? Muniz revealed:
“Canoe proudly operates in eight countries and 31 US states to serve 450 clients across more than two dozen countries.”
“Supporting over 18,000 LPs and managing $9.5+ trillion in AUM/AUA, Canoe redefines how firms interact with their data. We process 1+ million documents per month, with each new document making our AI models stronger and improving outcomes for all clients.”
“The platform covers 44,000+ active funds with 3,000+ portal connections, processing data for730,000+ private commitments. We’ve demonstrated exceptional client retention with 97-99% gross retention and 115-130% net retention rates. Qualifiable client outcomes include 10-18x productivity gains and timeline reductions from months to weeks, demonstrating measurable operational impact beyond typical efficiency claims. We report annual revenue exceeding US$25 million with revenue growth above 15% in the last 12 months.”
“Canoe has completed a total of 4 funding rounds—Series A in February 2020, Series A extension inSeptember 2021, Series B in February 2023 ($25 million), and Series C in July 2024 ($36 million).”
Total Addressable Market (TAM)
What total addressable market (TAM) size is the company pursuing? Muniz assessed:
“Canoe serves any client around the world investing in fund vehicles of all asset classes. We also work with the service providers who service those investors. So, that means we work with RIAs and Wealth Managers, Private Banks, Multi Family Offices, Single Family Offices, Endowments, Foundations, Public and Private Pension Funds,Sovereign Wealth Funds, Insurance Companies, Fund of Funds, Secondaries Funds,Investment Consultants and OCIOs, LP Asset Services and Administrators, andTechnology Providers in the LP space. We have also begun to work with traditional GPs and Fund Managers and expect our future growth to be driven byan interconnected ecosystem for GPs, LPs, and Administrators. We are region and size-agnostic and work with clients of all sizes around the world.”
Differentiation From The Competition
What differentiates the company from its competition? Muniz affirmed:
“Our key differentiators include scale and footprint, our focus on data quality and meeting the needs of sophisticated investors in alts our technology-oriented approach vs. services as well as our shared intelligence and client ecosystem.”
Future Company Goals
What are some of the company’s future goals? Muniz concluded:
“We’re thrilled with the opportunity to continue to transform how firms manage their alts data- there is so much more work to be done! Long term, we envision Canoe as the platform driving information exchange across the private markets. As the private markets continue to grow, we expect them to converge with the public markets, and Canoe can play a pivotal role in interconnecting the ecosystem across GPs, Admins, and LPs.
