Citi and State Street have joined a $40 million Series B funding round for AI-powered SaaS investment management and asset servicing enterprise platform FundGuard.
Blumberg Capital, LionBird Ventures and Team8 Capital joined the round for FundGuard, which has developed a platform that 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.
John Lehner, a former State Street executive who is now FundGuard president, 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 realize their legacy technology, simply put, costs too much and can't do what they need it to do."