FundGuard, an AI-powered SaaS investment management and asset servicing enterprise platform, has recently secured funding worth $40 million in its Series B investment round. Through the funding, the company aims to facilitate the asset management industry with technology-driven services.
Citi and State Street, two financial services giants, have participated in the Series B investment round of FundGuard. The companies have joined FundGuard’s existing investors, including Blumberg Capital, LionBird Ventures and Team8 Capital.
So far, FundGuard has secured a total of $55 million in funding. Lior Yogev, FundGuard’s CEO and Co-Founder, expressed his happiness about joining Citi and State Street as strategic partners.
"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," Yogev commented.
According to FundGuard, the company facilitates asset managers and fund administrators in the management of mutual funds, ETFs, hedge funds and insurance products.
Cloud and AI
John Lehner, the President of FundGuard, believes that the company’s cloud and AI-driven solutions allow its customers to be more cost-effective. He added that the funding will allow FundGuard to accelerate its growth.
"We are thrilled to partner with FundGuard as they have built an attractive investment servicing platform that complements our vision to leverage cloud technologies to unlock the power of data for the benefit of our clients. With $27.8 trillion in assets under custody and the industry-leading proprietary network with branches in 63 countries and global access to over 100 markets, Citi Securities Services provides clients with extensive on-the-ground local market expertise, innovative post-trade technologies and customized data solutions,” Okan Pekin, Citi's Global Head of Securities Services, said.
