The firm, which creates financial models for fund managers, raised the Series B money from a group including ScaleUp Ventures and Vanedge Capital. (The Logic)

Talking point: Canalyst is one of a growing number of firms serving the lucrative investment-adviser industry, which is under pressure from the rise of free or low-fee robo-advisers and index funds. Some of the world’s largest financial institutions—including JPMorgan Chase, Fidelity Investments, the Vanguard Group, TD Ameritrade, Charles Schwab and Interactive Brokers—are all offering free trading options. Earlier this month, The Logic broke the news that Toronto-based d1g1t, which provides a similar service, had surpassed $50 billion in assets under management. D1g1t’s pitch to advisers is it provides better data so they can beat the market and justify their fees. Canalyst has a team of 60 equity researchers that replaces work that advisers typically do—like checking regulatory filings for companies—thereby giving them more time to talk to customers.