FundGuard has secured $12 million in its Series A Funding Round, which is set to accelerate the growth of its artificial intelligence (AI)-powered investment management enterprise software-as-a-service (SaaS) platform.
The investment will drive product development to support FundGuard’s partnerships with several of the large fund administrators and asset managers in addition to meeting increasing demand from alternative funds and insurance companies.
The financing is being led by Team8 and existing investors Blumberg Capital and LionBird Ventures.
New investors participating in this Series A round include Jack Klinck, managing director at Hyperplane Venture Capital and former State Street committee member; Heidi Miller, an HSBC board director and former president of J.P. Morgan International.
Jay Mandelbaum, former head of strategy at JP Morgan Chase, and member of both JP Morgan Chase's and Citigroup's management committee, and Stanton Green, a fintech leader and former senior managing director at Guggenheim Capital, as well as Mindset Ventures and Maccabee Ventures, are also participants.
The financing round brings the total amount of capital raised by FundGuard to $16 million.
Lior Yogev, FundGuard CEO and co-founder, comments: “The industry is ripe for disruption with legacy market infrastructure for investment management struggling to support today’s volumes, the complexity of assets, and need for efficiency given the continued fees pressure.”
According to Yogev, there is a 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,” says Yogev.
FundGuard is also expanding its executive team with the appointment of Kirk Littleton as sales director.
Formerly, Littleton led trading and accounting platform sales at InvestCloud, and brings 25 years of investment management technology sales leadership expertise at SunGard (now FIS) and BNY Mellon, to FundGuard.
Alan Schneider joins FundGuard as sales director. With 30 years of financial services experience, Schneider spent more than 25 years at Citi, most recently as global middle office product head managing a business with over $1.3 trillion in assets.
