Citi and State Street have joined a $40 million Series B financing round of AI-powered SaaS investments management, as well as the asset servicing platform FundGuard.
Blumberg Capital, LionBird Ventures and Team8 Capital, joined the round for FundGuard, which has created a platform utilized by asset managers and administrators of the fund to handle the investments of mutual funds ETFs, alternative funds insurance, pensions, and.
Citi and State Street, invest in FundGuard
Citi and State Street technology promises to simplify the administration and management of funds, improve investment performance with AI capabilities, and reduce costs through workflows and collaborative capabilities.
John Lehner, a former State Street executive, who is currently FundGuard President, states: “By harnessing the cloud and AI, our technology allows our clients to save money and provide new and exciting products that are scaled.
“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 can’t do what they need it to do.”