AI-based SaaS investment management and asset servicing enterprise platform FundGuard has closed a $12m Series A investment to support product development.  

Team8 and current backers Blumberg Capital and LionBird Ventures led the fundraising.

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They were joined by new investors including Jack Klinck who earlier was a State Street and BNY Mellon management committee member; HSBC board director and ex-president of JP Morgan International Heidi Miller; JP Morgan Chase former head of strategy Jay Mandelbaum; former Guggenheim Capital senior managing director Stanton Green.

Mindset Ventures and Maccabee Ventures also participated in the round.

The fresh infusion takes the total capital raised by the firm to date to $16m. The company plans to use the money to enable product development, expand into new markets and grow the executive team.

Klinck stated: “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.”

FundGuard serves asset managers and fund administrators, helping them to oversee investments across mutual funds and ETFs, alternatives, insurance, and pensions.

FundGuard CEO and co-founder Lior Yogev said: “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.”

Last month, cloud-based investment management software provider Enfusion received a $150m minority investment from ICONIQ Growth. The funding values the company at $1.5bn.