OnCorps AI has secured $55m in growth funding from Long Ridge Equity Partners to expedite product innovation.
Currently, the company offers artificial intelligence (AI) based reconciliation tools that automate data matching, review, and investigation, and review solutions for financial reporting.
The company also intends to use the funds to increase its marketing capacity, and expand its services to a growing client base.
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It aims to expand into additional capital markets workflows, including cash management, complex trade processing and regulatory reporting.
As part of the transaction, Long Ridge managing partners Jim Brown and Kevin Bhatt will be added to the OnCorps AI board of directors.
Brown said: “OnCorps AI has built the market-leading AI platform for fund operations. Their production-ready agents are trained on domain-specific data and workflows, delivering immediate operational value.”
Established in 2011, OnCorps AI is an agentic AI platform designed to automate exception resolution in fund operations.
The platform is used by asset managers and fund administrators to identify discrepancies in trade reconciliations and fund documentation.
OnCorps AI founder Bob Suh said: “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.
“Every day, our systems close exceptions, reconcile trades, and oversee trillions in assets with high accuracy and low error rates. With Long Ridge’s investment, we can expand these capabilities across the broader industry.”
TD Securities served as the lead financial advisor, and Altman Solon provided consulting services to OnCorps. Goodwin Procter served as legal adviser, while Sidley Austin acted as legal counsel to OnCorps.
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