Israel-based bondIT is an investment technology developer for investment firms and has secured a $14m investment led by BNY Mellon.
Participation also came from unnamed existing investors.
bondIT leverages advanced technologies, machine learning and explainable-AI to automate and optimise fixed income portfolio construction, management, and research. Its technology allows fixed income investors to create credit and yield-optimized portfolios based on data-driven analytics.
Its solution is data agnostic and can either be API or cloud-based. This allows seamless onboarding of internal models and connectivity with existing portfolio management and trading systems.
As part of the deal, BNY Mellon will join bondIT’s Board of Directors. BNY Mellon managing director John Goodheart will represent the investor on the board.
Goodheart believes that collaborating with bondIT will enable BNY Mellon to deliver innovative digital solutions for fixed income investors by enabling investment professionals to explore new investment options with AI.
bondIT CEO and founder Etai Ravid added, “We’re delighted to welcome BNY Mellon to our Board of Directors. This investment will help us accelerate innovation and offer clients a unique holistic solution for fixed income investing.
“As bond investors are keen to lock in higher yields, our versatile technology and data-driven approach can help them increase automation to improve efficiency and performance, and better mitigate risk.”
The company previously raised $4m in a funding round in 2018.
In other WealthTech news, BUX, a European neobroker, acquired the retail brokerage arm of Spanish neobroker Ninety Nine, helping BUX boost its presence in the Spanish retail brokerage market.
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