The SaaS investment management and asset servicing platform FundGuard has closed a US$40 million Series B funding round.
The funding round was part of FundGuard’s effort to accelerate the growth of its artificial intelligence (AI)-powered investment management enterprise software-as-a-service (SaaS) platform.
The investment will drive product development to support FundGuard’s partnerships with several of the large fund administrators and asset managers in addition to meeting increasing demand from alternative funds and insurance companies.
The most recent investment round included Citi and State Street, who joined initial investors Blumberg Capital, LionBird Ventures, Team8 Capital, and other investors to back the company’s technology approach to asset servicing.
This round of financing comes six months after FundGuard appointed John Lehner, former State Street and BNY Mellon executive, as its president.
Commenting on the funding round, Lehner says: “By harnessing the cloud and AI, our technology enables our clients to be more cost effective and offer new and innovative products at scale.
“This new investment will allow us to accelerate our growth and continue to attract top talent so that we can meet the demand we are seeing from asset managers and service providers who realise their legacy technology, simply put, costs too much and cannot do what they need it to do.”
Lior Yogev, CEO and co-founder of FundGuard, comments: “Having the world’s leading financial services organisations join us as strategic partners and investors is an exciting endorsement of our vision to build a new-generation of global asset servicing capabilities for asset managers and their service providers.”
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