Citi and State Street have participated in a $40 million Series B funding round for FundGuard, an innovative enterprise platform specializing in AI-powered SaaS investment management and asset servicing.
Blumberg Capital, LionBird Ventures, and Team8 Capital also contributed to this funding round. FundGuard’s platform caters to asset managers and fund administrators, facilitating the management of investments across various sectors including mutual funds, ETFs, alternative investments, insurance, and pensions.
The technology is designed to automate fund management and administration, enhancing investment performance while minimizing costs through streamlined workflows and improved collaboration.
John Lehner, the president of FundGuard and a former executive at State Street, commented, “Harnessing the power of the cloud and AI, our technology empowers clients to operate more cost-effectively and introduce innovative products at scale. This new investment will enable us to accelerate our growth and attract top talent as we respond to the increasing demand from asset managers and service providers. Many are realizing that their legacy technology is not only expensive but also inadequate for their needs.”