Organizing various sources of financial data for investors is, well, pretty daunting. But there’s a major amount of moolah going around for structuring that unstructured information, and one Vancouver-based startup is getting a strong seed round to extent its reach in the ‘alternative data’ market.
“The brokerage industry has traditionally been a key source of financial analysis for investors,” said Vanedge Managing Partner Paul Lee, CFA, in a blog post. “However, the industry today is under tremendous pressure . . . we believe Canalyst can provide the tools and forward-looking financial models that these investors need. We are excited by what has been accomplished in Canada so far and encouraged by the progress toward their US product launch this fall.”
Intended to expedite research and planning for portfolio managers, Canalyst keeps track of all public equities in Canada with more than $30 million in market cap and revenue, according to their site. The software keeps over 600 different “full working financial models” for each of those companies that can be downloaded by subscribers.
They aren’t the only startup in the game. New York-based Thinknum, which uses its technology to measure the potential value of companies, recently got into a very public feud with its now former hosts WeWork. Former Morgan Stanley investor Emmett Kilduff launched EagleAlpha in 2012 to do something similar. Other companies include Guidepoint and Discern.
Vanedge is keen to spread its wealth across the Canadian landscape with investments in smaller cities like Saskatoon’s digital marketing company VendAsta and Halifax’s Karma Gaming, but also investments in Toronto, Montreal and in Silicon Valley. Other Vancouver-based companies that have exited their portfolio include Wurldtech (bought by GE), Metafor (acquired by Splunk) and Recon Instruments (acquired by Intel).
CEO Damir Hot founded Canalyst in 2015.