Just one year ago, New York-based FundGuard, an AI-backed hedge fund management startup, raised a $12 million Series A to scale its product offerings. The investment has seemingly paid off and allowed the startup to pull in a Series B raise more than 3x the amount of its previous round.
On Tuesday, FundGuard announced it raised a $40 million Series B round from Citi and State Street Corp., among other existing investors.
“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,” Lior Yogev, FundGuard CEO and co-founder, said in a statement.
FundGuard will use its funding to accelerate company growth and bring on new hires. There are 12 open roles on the company site, a majority of which are engineering positions.
The startup’s SaaS technology is backed by artificial intelligence and helps asset managers manage mutual funds, ETFs, hedge funds, insurance and more.
“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,” Okan Pekin, Citi’s global head of Securities Services, said in a statement.
