FundGuard, a New York and Tel Aviv, Israel-based provider of an AI-powered SaaS investment management and asset servicing enterprise platform, raised $40M in Series B funding.
The round was led by Citi and State Street Corp, with participation from Blumberg Capital, LionBird Ventures and Team8 Capital. The series B round brings total investment in FundGuard to more than $55m in 3.5 years.
The company intends to use the funds to accelerate growth and continue to attract talent.
Led by CEO Lior Yogev, FundGuard is a SaaS platform for investment management and administration that is powered by AI. It helps asset managers and fund administrators manage mutual funds, ETFs, hedge funds, insurance products, and pension funds, supporting digital transformation, operations automation, AI-based insights, resiliency, and migration to the cloud.
This round of financing comes after 12 months for FundGuard including landing asset manager, fund administration and custody bank customers, launching its enhanced investment accounting solution, including support for digital assets, and announcing the appointment of John Lehner, former State Street and BNY Mellon executive as FundGuard’s president.