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BFD Expert Voices - Private Credit

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MDOTM, which makes AI software for asset and wealth managers, raised $27 million in growth equity, CEO Tommaso Migliore tells Axios exclusively.

Why it matters: Asset and wealth managers want to use AI inside investment workflows without giving up control of portfolio decisions.

Zoom in: Expedition Growth Capital led the round, which brings total funding to $36.5 million.

Expedition partner Steven Twomey and James Hays, chairman of IFC Advisors, are joining the company's board.

How it works: MDOTM's AI software platform for asset and wealth managers, called Sphere, has three main parts.

Its investment insights module gives clients a view of markets and asset allocation.

Portfolio Studio helps investment teams apply those views to individual portfolios.

The Storyfolio product creates client-ready commentary and reports.

Behind the scenes: Migliore says Sphere sits above customers' existing systems rather than replacing them.

The software reads portfolio data from clients' systems of record, lets investment teams work inside Sphere, and then writes approved changes back into those systems.

Buyers are typically CIOs, heads of model portfolios, advisory teams and portfolio solutions teams.

Flashback: MDOTM began as a consulting business for institutional clients in 2015.

The company initially considered using its technology to build an asset manager, but shifted to selling software after deciding distribution would matter more than its models.

It announced Sphere at the end of 2022 and began selling it in 2023.

By the numbers: Sphere supports more than $100 billion in assets across more than 60 financial institutions, including Morgan Stanley, Amundi and Zurich Bank, per the company.

What's next: It plans to use the funding for international expansion and hiring across AI research, engineering, product, sales and client support.

Migliore says MDOTM has mostly sold through outbound sales so far and wants Expedition's help with hiring, strategic partnerships and distribution.

The company has roughly 75 employees and plans to reach about 150 over the next 18 months.

Exclusive: MDOTM raises $27M for AI portfolio software

Asset managers want to use AI inside investment workflows.

Illustration of a hand holding a cell phone displaying an investment screen with money shapes and textures surrounding them

MDOTM, which makes AI software for asset and wealth managers, raised $27 million in growth equity, CEO Tommaso Migliore tells Axios exclusively.Why it matters: Asset and wealth managers want to use AI inside investment workflows without giving up control of portfolio decisions.

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Exclusive: MDOTM raises $27M for AI portfolio software

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