Queensland Investment Corporation (QIC) has led a $US10 million ($A15.65) Series A investment round in a Brisbane-founded, now San Francisco headquartered, investment technology business.
The backing for Jacobi was supported by existing US investors Illuminate Venture Partners, 8VC and Western Technology Investment (WTI).
QIC has invested on behalf of the Queensland Business Investment Fund.
QIC principal Crystal Russell and Bill Miller of Makena Capital are to join the Jacobi board.
Jacobi was founded in 2014 by chief executive Tony Mackenzie with the objective of developing a technology platform to assist investment professionals in managing multi-asset portfolios. Mackenzie was previously chief strategist for QIC. Other members of the Jacobi team have worked in asset management for QIC, JPMorgan, BlackRock Colonial First State and Fidelity International or in software development.
The company’s clients include T. Rowe Price, Willis Towers Watson, Legal & General Investment Management and Australian asset advisory firm JANA. Jacobi’s technology is used to manage assets of over $US7 trillion.
In addition to San Francisco, Jacobi has offices Brisbane and London.
Jacobi plans to use the new funding to accelerate development of its platform and expand its team and clients globally.
Mackenzie said the technology’s open architecture meant it could be configured to each client’s individual investment strategy including capital market assumptions, data, risk engines and optimisation techniques.
Russell said Jacobi was a home-grown success with an exceptional team, world-class product and a global blue-chip client base.
“The asset management industry is undergoing a widespread digitalisation with software driven tools enabling more in-depth portfolio analysis and increased client engagement,” she said. “Jacobi’s product is proving to be a critical tool for some of the world’s most sophisticated asset managers.”
Image: Jacobi founder and chief executive Tony Mackenzie.