MDOTM Raises $27M Growth Equity Round Led by Expedition Growth Capital
- 2 days ago
- 2 min read
Updated: 24 hours ago
MDOTM, a London-founded provider of AI-driven investment solutions for asset and wealth managers, has closed a $27 million growth equity round led by Expedition Growth Capital, bringing its total funding to $36.5 million. The round adds two new board members: Steve Twomey, a Partner at Expedition, and James Hays, chairman of IFC Advisors and former CEO of Wells Fargo Advisors, joining founders Tommaso Migliore, Federico Mazzorin and Federico Invernizzi. The capital will fund international expansion and hiring across AI research, engineering, product, sales and client solutions.
The money follows real traction. MDOTM's platform, Sphere, now supports more than $100 billion in assets across more than 60 financial institutions, including Morgan Stanley, Amundi and Zurich Bank, spanning the US, UK and Europe. Sphere is built for human-AI collaboration: it reads market and macro data to flag regime shifts, lets investment teams layer in their own views, then pushes those inputs into portfolio construction and rebalancing tools, with a generative AI layer (StoryFolio) that drafts personalized portfolio commentary and client reporting. Behind it sits a team of more than 60 data scientists, engineers and finance professionals, backed by the MDOTM LAB, an academic network of 20-plus professors and PhDs.
The raise lands squarely in a trend line wealth managers know well: fee compression on one side, rising demand for personalization on the other, with neither solvable by simply hiring more advisors. As portfolio orchestration grows more complex, with more inputs, more constraints and thousands of portfolios to manage at once, firms are looking to AI to handle the scale rather than adding headcount. CEO Tommaso Migliore framed it directly: the question institutions are asking is no longer whether to use AI in investment decisions, but how to deploy it across thousands of portfolios while keeping control, which is why Sphere is already running in production at major firms. Expedition's Steve Twomey put the opportunity in infrastructure terms, arguing that while financial institutions have spent a decade buying front-end and back-office software, the middle, rebalancing, house-view alignment and client commentary, has stayed stuck in spreadsheets.
Knote: I was on a panel with Arianna Colombo from MDOTM in London last spring as we are both on a mission to upgrade the managed portfolio market in the UK. They have the tech to help make it happen. In case you were wondering, the name comes from the fact that the two founders both have the last initial "M".