FundGuard, the AI-powered SaaS investment management and asset servicing enterprise platform announced today (Tuesday) that it has raised $40 million in a Series B funding round. The round included participation from large strategic investors Citi and State Street Corp, who joined existing investors Blumberg Capital, LionBird Ventures, and Team8 Capital.
Transforming asset servicing operations
Traditional investment management and asset servicing technologies are outdated, or even obsolete. Simply put, they are very costly yet don’t produce desired results. FundGuard was created as an alternative; to transform asset servicing operations by leveraging AI capabilities.
FundGuard provides an AI and cloud-powered global asset servicing platform. They are harnessing the cloud and AI to enable their clients to be more cost-effective and offer new and innovative products at scale. This makes their platform particularly attractive as an investment servicing platform, as it is unlocking the power of data, which in today’s day and age is arguably the only way to get ahead of the game. Their product essentially helps asset managers and fund administrators to manage mutual funds, ETFs, hedge funds, insurance products, and pension funds, supporting digital transformation, operations automation, AI-based insights, resiliency, and migration to the cloud. This new generation financial service technology changes asset servicing to enable reduced fees and the ability to offer new and innovative products, including crypto-asset, at scale.
FundGuard has had a year full of growth. They appointed John Lehner, former State Street and BNY Mellon executive to be their President; Landed asset manager, fund administration and custody bank customers; And launched their enhanced investment accounting solution which includes support for digital assets. The new capital will allow them to accelerate growth and continue to attract top talent– having the world’s leading financial services organizations join FundGuard as strategic partners and investors will only help them in building the best product for asset managers and service providers.
FundGuard was founded in 2018 by Lior Yogev (CEO), Yaniv Zecharya (CTO), and Uri Katz (VP R&D). To date, they have raised $55 million.