Citi leads a $40M investment in AI and cloud-powered global asset servicing platform tech startup FundGuard
Nickie Louise
Posted On April 19, 2022
FundGuard, a New York-based tech startup, has raised $40 million in a Series B funding round to accelerate the growth of its AI-powered SaaS investment management and asset servicing enterprise platform.
The latest investment round included strategic investors Citi and State Street Corp, alongside initial investors Blumberg Capital, LionBird Ventures, Team8 Capital, and other investors to back the company’s future-ready technology approach to asset servicing.
The funding news comes just six months after FundGuard appointed John Lehner, former State Street and BNY Mellon executive, as its president.
Founded in 2018 by CEO Lior Yogev, Uri Katz, and Yaniv Zecharya, FundGuard helps asset managers and fund administrators to 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.
In a statement, Lior Yogev said, “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.”
Commenting on the funding round, Lehner 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 cannot do what they need it to do.”
FundGuard is backed by strategic partners including Citi and State Street Corp, venture firms Blumberg Capital, LionBird Ventures, and Team8 Capital among others, as well as industry executives Heidi Miller, Jack Klinck, Jay Mandelbaum, and others.
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