Vancouver’s Canalyst announced today that it has closed a $20 million Series B financing led by an unnamed strategic investor with participation from ScaleUP Ventures and existing investors including Vanedge Capital.

Conceived by a former Fidelity analyst, Canalyst is an independent provider of fundamental models to institutional investors.

The firm now serves many of the world’s largest asset managers, who trust Canalyst’s data accuracy, breadth, and adaptability to enrich and streamline their research workflow.

With more than 100 employees in Vancouver and New York City, Canalyst’s fundamental model platform has been embraced by over 400 clients — asset managers, hedge funds, and family offices.

Today’s announcement brings Canalyst’s total funding to $28 million, with prior rounds led by Vanedge and several of the company’s early clients. The new funding helps the company expand its investment in top-tier talent, with particular focus on product enhancements and client service.

“The investment industry is continuing to experience persistent evolutionary forces, leading to buyside fee compression and meaningful cutbacks in research coverage at brokerage houses. This global dynamic is compounded by regulatory advancements such as MiFID II, which seeks to increase fee transparency for services rendered,” said John Montalbano, Chairman of Canalyst and former CEO of RBC Global Asset Management.

“Canalyst provides investment firms invaluable access to accurate and granular financial data that flexibly incorporates into their analysis in a manner that lowers costs, expands addressable market coverage, and increases speed of execution.”