FundGuard, an AI-powered investment management and asset servicing platform, has closed its Series B funding round on $40m.
Among the investors were strategic backers Citi and State Street. Support also came from Blumberg Capital, LionBird Ventures, Team8 Capital and others.
With the funds, the company plans to hire more staff and accelerate its growth.
This capital comes after a strong 12 months of growth, including landing asset manager, fund administration and custody bank customers and naming former State Street and BNY Mellon executive John Lehner as its president.
Additionally, it launched its enhanced investment accounting solution, including support for digital assets.
Lehner said, “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 realize their legacy technology, simply put, costs too much and can’t do what they need it to do.”
FundGuard has raised a total of $55m in the past three and a half years. It previously raised $12m in its Series A in 2021, which was backed by Team8, Blumberg Capital, LionBird Ventures, Mindset Ventures and Maccabee Ventures.
FundGuard is used by asset managers and fund administrators to manage investments across mutual funds and ETFs, alternatives, insurance and pensions.
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