Northwestern University backs Solovis, a portfolio management software developer, following its becoming a customer of Solovis for its endowment last year.
Solovis, a US-based investment management software producer, has raised $3.25m from a consortium including Northwestern University.
Private equity firm Edison Partners and venture capital firms MissionOG, OCA Ventures, Timberline Venture Partners and private investor Jeremie Bacon also backed the round.
Solovis develops software that creates detailed reports in real-time for multi-asset strategies for diversification and risk management. Northwestern University uses the technology for its endowment.
The cash will go towards expansion and product development.
In 2014, Solovis secured a commitment for a $1m investment from undisclosed investors, according to a regulatory filing. The investment was due to be made in four $250,000 chunks over two years, however the company has not provided any further updates on whether it has fully obtained this money.
Josh Smith, chief executive and co-founder of Solovis, said: “The confidence shown by these investors in the Solovis vision and platform is extremely gratifying and speaks to the growing market demand for our product.
“This funding positions us to significantly increase our growth, accelerate our customer deployments and expand our capabilities for the institutional investment community. We are honoured by our customers’ trust in us, and value their partnership and insight in all we do.”
