OnCorps AI Secures $55 Million Funding to Enhance AI Solutions for Asset Managers

OnCorps AI: Revolutionizing Fund Operations with AI

In an impressive maneuver that underscores its growth trajectory, OnCorps AI, a prominent agentic AI service provider specializing in fund operations, has successfully raised $55 million in growth funding from Long Ridge Equity Partners, a firm renowned for its expertise in financial and business technologies. This significant investment aims to accelerate OnCorps' product innovation, bolster its sales and marketing teams, and expand the infrastructure required to support its expanding clientele.

Founded in 2011, OnCorps AI has carved a niche in the asset management industry by delivering sophisticated, intelligent solutions that help manage exceptions in fund operations. The company primarily aids asset managers and fund administrators by not only identifying discrepancies in trade reconciliations and fund documentation but also autonomously investigating these issues. The AI platform offers recommendations for resolution and learns from past patterns to prevent recurring problems.

Bob Suh, the founder of OnCorps AI, emphasized the company's advantage in the industry, stating, “We’ve been running complex AI solutions in production for the world’s largest asset managers for several years, giving us a meaningful advantage in delivering tangible returns from AI.” This capacity to effectively manage trillions in assets with high precision and minimal error rates illustrates the platform's robust capabilities.

The announcement of the funding comes at a critical time as asset management firms are facing declining operating margins, driven by escalating transaction volumes and regulatory pressures, along with ongoing fee compression. Leading institutions such as PIMCO and GMO, which collectively manage around $13 trillion in assets, are utilizing OnCorps' services to enhance operational efficiency and minimize manual processes.

Alongside the financial investment, Long Ridge Managing Partners Jim Brown and Kevin Bhatt will join the OnCorps AI Board of Directors. Brown lauded OnCorps AI for establishing itself as a market leader in AI solutions for fund operations, highlighting the immediate operational benefits that their AI agents, trained on domain-specific data, deliver to clients.

Given the fresh capital influx, OnCorps AI plans to broaden its offerings into related workflows within the capital markets, where clients encounter similar challenges, including cash management and intricate trade processing. Their current offerings include:

1. AI-First Reconciliations: This service automates and accelerates reconciliation processes by utilizing deep research agents, reducing the manual efforts required and shortening cycle times.
2. AI-First Reporting Reviews: This tool automates the review process for financial reports, whether quarterly, semi-annual, or annual, enhancing accuracy and efficiency for asset managers and service providers alike.

For those interested in the specifics of this funding round, TD Securities acted as the lead financial advisor for OnCorps, with Altman Solon as the consulting partner. Legal counsel for Long Ridge was provided by Goodwin Procter, while Sidley Austin LLP supported OnCorps.

As OnCorps AI continues to innovate and expand its reach within the financial services sector, it addresses an urgent demand for enhanced efficiency and accuracy in fund operations, positioning itself as a pivotal player in the evolving landscape of asset management technology. For further details, visit OnCorps AI.

OnCorps AI is not just redefining the operational landscape for asset managers; it is leading the charge in embracing AI's transformative potential in the financial sector. As the fundamental challenges of today's asset management environment persist, companies like OnCorps are key to navigating the complexity with intelligent solutions geared towards future-proofing their clients’ operational capabilities.