Israel-based asset management software provider Pagaya has secured $25m in a series C round featuring insurance firm Clal and SCB Digital Ventures, the strategic investment arm of financial services firm Siam Commercial Bank.
The round was led by growth equity fund Oak HC/FT and included venture capital firm Viola Ventures, family office GF Investments and Harvey Golub, a former chairman and chief executive of payment services firm American Express.
Pagaya has built a technology platform called Pagaya Pulse which utilises artificial intelligence, machine learning and big data analytics to manage assets for institutional investors. The series C cash will fund technology development and a move into new asset classes.
Gal Krubiner, co-founder and chief executive of Pagaya, said: “We are thrilled to have the continued support of our investors. We are seeing the amazing potential of AI to disrupt asset management and this capital will accelerate our effort.”
Viola Ventures had led a $1.3m seed round for Pagaya in 2016 but the company has not disclosed details of any series A funding. It added $14m in an August 2018 series B round that included all five series C investors.
