Fundguard, the AI-powered SaaS investment management and asset servicing enterprise platform, today announced that it has closed a $12 million Series A funding round. The financing is being led by Team8 and existing investors Blumberg Capital and LionBird Ventures.
New investors participating in this Series A round include banking and asset management executives Jack Klinck, a former State Street and Bank of New York Mellon management committee member; Heidi Miller, an HSBC board director and former President of JP Morgan International; Jay Mandelbaum, former Head of Strategy at JP Morgan Chase, and member of both JP Morgan Chase’s and Citigroup’s management committees; Stanton Green, a fintech leader and former senior managing director at Guggenheim Capital, as well as Mindset Ventures and Maccabee Ventures. The financing round brings the total amount of capital raised by FundGuard to $16 million.
“We are thrilled to announce our Series A funding round led by Team8 and joined by several industry veterans,” said Lior Yogev, FundGuard CEO and Co-Founder. “The industry is ripe for disruption with legacy market infrastructure for investment management struggling to support today’s volumes, complexity of assets, and need for efficiency given the continued fees pressure. There is 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.”
FundGuard is trusted by asset managers and fund administrators to manage investments across mutual funds and ETFs, alternatives, insurance, and pensions. Flexible and scalable, FundGuard’s platform automates fund management and administration, improving investment performance through its new-generation AI capabilities and reducing costs with modern workflows and collaboration capabilities.
The AI-powered platform replaces the decades-old solutions in the marketplace today that are no longer able to address growing industry demand for a truly electronic, cross-asset solution to streamline workflows, identify anomalies, and generate actionable insights.
“FundGuard has a bold vision for transforming a large and significantly underserved market,” said Sarit Firon, Managing Partner at Team8 Capital, “FundGuard’s solution has a significant, fast-growing foothold across the investment management industry, and the founding team has a flawless track record in execution that will serve the firm well during its next stage of growth.”
The investment will spur product development to support FundGuard’s partnerships with several of the world’s largest fund administrators and asset managers in addition to meeting increasing demand from alternative funds and insurance companies.
Jack Klinck, former State Street and Bank of New York Mellon Management Committee Member, said: “Asset management and fund administration have been long in need of a technology transformation. I have been deeply impressed by FundGuard’s vision for creating a modern asset-servicing technology platform. The FundGuard team has built an immensely scalable, cloud-native, intelligent platform to replace cumbersome legacy systems and their innovative offering is precisely what the asset management world urgently needs today.”
In addition, FundGuard is 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 more than 25 years’ investment management technology sales leadership expertise at SunGard (now FIS) and at The Bank of New York Mellon, to FundGuard. Alan Schneider joins FundGuard as Sales Director. With 30+ years’ 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.