Summary
London-based fintech Mdotm has closed a $27M Series B funding round led by Expedition Growth Capital, bringing total funding to $36.5M since its founding in 2015. Mdotm's Sphere platform — an AI-driven investment solution for wealth managers — currently supports financial institutions managing $100B in assets across 60+ firms globally. The funding will accelerate global expansion of Sphere and scale hiring in AI research, engineering, and product development.
Key Facts
- $27M Series B led by Expedition Growth Capital; total funding: $36.5M
- Sphere platform: AI-driven portfolio management for wealth managers
- 60+ financial institutions using Sphere; $100B in assets managed on platform
- Founded 2015; HQ in London
- Plans: expand in US and Europe, scale AI research and engineering teams
- CEO Tommaso Migliore: "Sphere helps wealth managers scale AI-driven portfolio management while maintaining control"
- Addresses key wealth manager concern: AI complements human judgment, doesn't replace it
- Part of broader trend: AI-for-finance category seeing increased institutional investment
Why It Matters
Mdotm's funding reflects growing institutional appetite for AI tools that can streamline portfolio management without sacrificing human oversight. The $100B in assets already on Sphere demonstrates that wealth managers are moving beyond AI experimentation to production deployment. As the wealth management sector faces pressure to digitize while maintaining regulatory compliance, platforms like Sphere that offer "AI with control" are well-positioned. The US and Europe expansion targets the two largest wealth management markets globally.