FundGuard pulls in $12m Series A led by Team8

FundGuard, an AI-powered SaaS investment management and asset servicing platform, has netted $12m in its Series A round.

The investment was led by Team8, with commitments also coming from Blumberg Capital, LionBird Ventures, Mindset Ventures and Maccabee Ventures.

A handful of angel investors also joined the round, including former State Street and Bank of New York Mellon management committee member Jack Klinck, HSBC board director Heidi Miller, former JP Morgan Chase head of strategy Jay Mandelbaum and former Guggenheim Capital senior managing director Stanton Green.

Funds from the Series A are earmarked to support product development and partnerships with fund administrators around the world.

The FinTech will also increase the size of its executive team. In line with this, the company has named Kirk Littleton as its new sales director, joining the company from his previous position leading training and accounting platform sales at InvestCloud.

FundGuard is used by asset managers and fund administrators to manage investments across mutual funds and ETFs, alternatives, insurance and pensions. Its platform automates fund management and administration, as well as improving investment performance through AI tools.

Its platform can also streamline workflows, identify anomalies and generate actionable insights.

FundGuard CEO and co-founder Lior Yogev said, “The industry is ripe for disruption with legacy market infrastructure for investment management struggling to support today’s volumes, complexity of assets, and need for efficiency given the continued fees pressure.

“There is growing demand for a fully automated, scalable solution that improves operational efficiency and dramatically reduces costs. Our AI-powered, cloud-native platform enables banks, asset managers, and fund administrators to drive efficiencies and enhance transparency by providing a real-time, single source of truth for funds.”

With the close of the round, the company has raised a total of $16m in funding. It previously secured a $4m investment back in 2018 which was used to support the launch of its platform.

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