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FundGuard
FundGuard builds a cloud-native, AI-powered investment-accounting ledger that custodians and asset managers use to replace legacy batch systems.
FundGuard
FundGuard launched in 2018 under CEO Lior Yogev, CTO Uri Katz, and VP R&D Yaniv Zecharya, three former Israeli Defense Forces technology veterans who previously built real-time data platforms. The company's founding thesis was straightforward: the global custody and fund-administration industry still runs accounting books on batch-processing systems designed decades ago. Yogev's team rebuilt that stack from scratch, starting with an immutable, double-entry ledger that operates in real time rather than on overnight cycles. The platform functions as a multi-asset, multi-currency investment-accounting engine, targeting registered funds like mutual funds and ETFs alongside institutional separate accounts and alternatives. Instead of black-box software, FundGuard's ledger allows custodians to define accounting rules as code, with native AI modules trained to identify NAV pricing exceptions, stale prices, and corporate-action breaks before they reach the control desk. The firm contracts with some of the largest asset-servicing institutions — Citi and State Street participated in FundGuard's $100 million Series C in 2024, signaling that incumbents view the platform not as a vendor tool but as a path to retiring their own proprietary infrastructure. FundGuard operates from New York, Tel Aviv, Boston, and London, with engineering concentrated in Israel and commercial coverage aligned to the major custody hubs. The company has raised capital from Blumberg Capital, Team8, Citi Ventures, and State Street, and now counts multiple tier-one global custodians and asset managers as production clients. In March 2024, FundGuard closed its $100 million Series C round, led by Key1 Capital, alongside new strategic investment from Citi and State Street, to accelerate the platform's rollout across alternatives and insurance general-account accounting. The structural differentiator is not the cloud-native ledger alone — it's that FundGuard is positioning itself as the headless accounting layer beneath the custody stack, rather than a replacement front-end. This makes adoption additive to existing vendors like SimCorp or Aladdin, rather than a rip-and-replace threat, which removes a major procurement barrier and explains why custodians become investors as they adopt the system.
General information
Firm type
Asset Manager
Year founded
2018
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Additional offices
Tel Aviv, Israel · Boston, MA, United States · London, United Kingdom
Principals
Lior Yogev
CEO & Co-Founder
Uri Katz
CTO & Co-Founder
Yaniv Zecharya
VP R&D & Co-Founder
Sector focus
Frequently asked questions
What problem does FundGuard solve for custodians and asset managers?
FundGuard replaces the aging, batch-processing investment-accounting platforms that most global custodians still run today. These IBM mainframe and legacy server systems reconcile mutual-fund, ETF, and institutional mandate books overnight, which delays NAV delivery and leaves breaks to be cleaned up manually each morning. FundGuard's cloud-native, double-entry ledger operates in real time and embeds AI to detect stale prices, corporate-action errors, and NAV anomalies before they become exceptions.
Who runs the company and what is their background?
CEO Lior Yogev, CTO Uri Katz, and VP R&D Yaniv Zecharya co-founded FundGuard in 2018. The founding team previously built large-scale real-time data infrastructure in the Israeli Defense Forces and commercial technology sectors. They brought engineering disciplines from real-time systems rather than from traditional banking technology, which explains why the product was architected as an event-driven, API-first ledger from day one.
What kind of assets can FundGuard's platform account for?
The platform handles mutual funds, ETFs, institutional separate accounts, and increasingly alternatives and insurance general-account assets. The underlying data model is multi-asset and multi-currency, and the accounting-rule engine is configurable as code, so it can model the different NAV-calculation and expense-accrual rules across a variety of pooled and segregated fund vehicles.
Why did State Street and Citi invest in the firm?
State Street and Citi each participated as strategic investors in FundGuard's $100 million Series C in March 2024, alongside committing to use the platform in production. For them, the investment is a hedge — it aligns them with the technology likely to replace their own proprietary legacy accounting infrastructure and gives them influence over the product roadmap as they migrate client books onto it.
How does FundGuard fit alongside existing systems like SimCorp, Eagle, or Aladdin?
FundGuard is designed as a headless accounting layer that sits beneath custody and front-office systems rather than replacing their interfaces. A custodian can keep SimCorp Dimension or Aladdin as the portfolio-management front-end, pipe data into FundGuard for the accounting book-of-record, and rely on the platform's API to feed that clean NAV data back out to the front office or client reporting. This modularity reduces switching costs and avoids a rip-and-replace procurement battle.
What investment stages has FundGuard raised through?
The firm raised seed funding in 2019, a $12 million Series A in 2020 led by Blumberg Capital and Team8, a $40 million Series B in 2022 led by Qumra Capital, and a $100 million Series C in March 2024 led by Key1 Capital with Citi and State Street joining. The Series C signaled a shift from proving the technology to scaling commercial deployments across multiple tier-one custody clients.
Does FundGuard itself manage assets or hold a balance sheet?
No. FundGuard is a pure enterprise-software company — it builds and sells the accounting-ledger infrastructure that asset managers and custodians use, but it does not invest client capital, hold a proprietary portfolio, or take balance-sheet risk. The firm's clients pay a SaaS subscription for the accounting engine itself and for optional AI modules like exception detection and corporate-action processing.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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