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Guggenheim Investments Leads Oncorps, Inc. Fundraise

Mar 21, 2022•over 3 years ago
Boston

Description

OnCorps, Inc., a leader in applying artificial intelligence to financial services operations, today announced the close of a Series B investment round led by Guggenheim Investments on behalf of certain of its managed accounts. Guggenheim Investments is the global asset investment and advisory arm of Guggenheim Partners, LLC, with more than $271 billion* in assets under management. OnCorps today also announced that Jay Hooley, who served as chairman and CEO of State Street Corporation from 2010 to 2018, will also be participating in the round and will join the OnCorps board.

Company Information

Company

On Corps

Location

Boston, Massachusetts, United States

About

OnCorps’ mission is to elevate work and performance by applying AI to handle predictable and laborious calculations, decisions, and tasks across the financial services industry. OnCorps clients manage over $11 trillion in assets, and have used advanced AI solutions to reduce labor costs by over 90 percent and identify millions in reporting errors. The firm works closely with scientific advisors from Yale, Harvard, and Oxford to formulate and rigorously test new algorithms; results from research on behavioral AI have been published in the Harvard Business Review and other journals. The firm’s innovative algorithms have earned OnCorps the 2019 NOVA Award by Nicsa and the 2019 Fintech Breakthrough Award for best banking infrastructure software. OnCorps is a 2022 member of the MassChallenge FinTech accelerator.