AI-powered SaaS investment management and asset servicing enterprise platform FundGuard has raised $12 million in a Series A funding round joined by several heavyweight Wall Street executives.
The round is led by Team8 and existing investors Blumberg Capital and LionBird Ventures with participation from former BNY Mellon management committee member Jack Klinck, HSBC board member and former JP Morgan International president Heidi Miller, and ex head of strategy at JP Morgan Chase Jay Mandelbaum.
FundGuard's platform is used by asset managers and fund administrators to manage investments across mutual funds and ETFs, alternatives, insurance, and pensions. The technology promises to automate fund management and administration, boosting investment performance through its AI capabilities and reducing costs with workflows and collaboration capabilities.
Lior Yogev, CEO, FundGuard, says: "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."
The company has also brought in industry veterans Kirk Littleton and Alan Schneider as sales directors.