FundGuard, the AI-powered SaaS investment management and asset servicing enterprise platform, has closed a USD40m Series B funding round. The investment round included large strategic investors, Citi and State Street, who joined initial investors Blumberg Capital, LionBird Ventures, and Team8 Capital, inter alia, to back the company’s future-ready technology approach to asset servicing. This latest funding round brings total investment in FundGuard to more than USD55m in 3.5 years.
FundGuard president John Lehner, formerly a senior executive at State Street and BNY Mellon, 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 realise their legacy technology, simply put, costs too much and can’t do what they need it to do.”