The round was led by strategic investors Citi and State Street Corp alongside existing investors Blumberg Capital, LionBird Ventures, and Team8 Capital, among others.
This has brought FundGuard’s total funding to over $55 million, an amount acquired over the course of over three and a half years since the company’s establishment.
The latest capital comes 12 months following a series of significant company milestones that include the onboarding of an asset manager, the launch of its advanced investment accounting solution, the addition of newly acquired fund administration and custody bank customers, as well as the appointment of its new president John Lehner, former State Street and BNY Mellon executive.
Founded in 2018, FundGuard uses its AI-powered, cloud-based investment management SaaS platform to help asset managers and fund administrators to manage mutual funds, ETFs, hedge funds, insurance products, and pension funds. The platform automates a range of actions such as fraud detection and unstructured financial anomalies to cut the manual time usually spent to resolve those issues.
“Having the world’s leading financial services organizations join us as strategic partners and investors is an exciting endorsement of our vision to build a new generation of global asset servicing capabilities for asset managers and their service providers,” said Lior Yogev, FundGuard CEO and co-founder.
“By harnessing the cloud and AI, our technology enables our clients to be more cost-effective and offer new and innovative products at scale,” added FundGuard’s new president John Lehner. “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.”