Investment technology platform Jacobi Inc. has raised $10 million (A$15.4 million) in a Series A led by Queensland Investment Corporation (QIC).

QIC joined existing Silicon Valley investors Illuminate Venture Partners, 8VC and Western Technology Investment (WTI) in the round. Crystal Russell of QIC and Bill Miller of Makena Capital join Jacobi’s board.

The Brisbane-born, San Francisco-based fintech will use funding to further accelerate the development of its platform and expand its team and customer base globally.

The platform is used by some of the world’s largest asset managers, including T.Rowe Price, MFS, LGIM and WTW. Jacobi’s global client base now represents more than A$7 trillion in assets under management.

Jacobic CEO and founder Tony Mackenzie, who worked for QIC before founding his fintech in 2014, said it’s surprising how much fund registration is still in a Microsoft spreadsheet. The cloud-based platform offers a highly customizable set of tools for designing, managing and visualizing multi-asset portfolios.

Mackenzie said it is transforming front-office-to-end client investment processes to better enable portfolio design, analytics and customer engagement.

“We are proud to be supported by the highly respected global investor QIC as we continue to expand our global business,” he said.

“Our valued client base includes some of the world’s leading global asset managers, RIAs, asset owners, investment advisors and family offices. Each of these companies has approached Jacobi for flexible technology specifically designed for the multi-asset investor.”

Mackenzie said Jacobi’s open architecture approach means they can configure their solution for any company’s investment strategy.

“Including their capital market assumptions, data, risk engines and optimization techniques – and combine that with dynamic visualization tools for better end-customer engagement.”

QIC Director Crystal Russell said Jacobi is a homegrown success with an exceptional team, a world-class product and a global blue chip customer base.

“The wealth management industry is undergoing widespread digitization with software-driven tools enabling more in-depth portfolio analysis and greater client engagement. Jacobi’s product is proving to be a critical tool for some of the world’s most advanced asset managers,” she said.