Vancouver-based Canalyst, an equity research platform that helps analysts and portfolio managers with research, announced $2.7 million in seed funding in a round led by Vanedge Capital.
Canalyst plans to use the funding to expand its platform capabilities, as well as accelerate in Canadian and U.S. markets.
“We’re absolutely thrilled to be working with Vanedge,” said Damir Hot, CEO of Canalyst. “In Vanedge, we have a partner who appreciates the magnitude of the opportunity in institutional-focused fintech, and shares our vision for modernizing the equity research function. Plus, they have a fantastic track record of enabling early-stage disruptive technologies to scale and expand into new markets.”
Canalyst’s platform tackles unstructured data of Canadian public company filings, turning it into user-friendly, working models accessible through a SaaS subscription.
“The brokerage industry has traditionally been a key source of financial analysis for investors,” noted Paul Lee, CFA, Managing Partner of Vanedge Capital. “However, the industry today is under tremendous pressure, trading revenues have plummeted, and forward-looking analysis is available on an ever-shrinking coverage universe. Investors are looking for quality independent research on the full range of public equities so that they can compare, contrast, perform scenario analysis, and affect investment strategies accordingly. 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.”