The Series B funding for a $40M round was provided by FundGuard, an Israeli-based SaaS platform that enables AI-powered asset servicing and investment management.
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 funds will be used by the company to increase growth and to continue to attract talented people.
Led by CEO Lior Yogev, FundGuard is a SaaS platform for investment management and administration that is powered by AI. It assists asset managers and fund administrators in managing mutual funds, ETFs and insurance products. FundGuard supports digital transformation, operations automation and AI-based insights.
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.