MDOTM raises £20.4m led by Expedition Growth Capital
This article covers MDOTM, a fintech startup, which has raised £20.4m in a growth funding round led by Expedition Growth Capital to accelerate international expansion of Sphere, its AI investment platform. The development aims to support asset and wealth managers by scaling AI-driven portfolio construction, customisation and reporting tools and to fund MDOTM's expansion in the US and Europe.
MDOTM has raised £20.4m in a growth funding round led by Expedition Growth Capital to accelerate international expansion of Sphere, its AI investment platform for asset and wealth managers. The funding, which brings total invested into the business to about £27.6m, matters because it underscores renewed investor appetite for AI tools that help institutions manage thousands of portfolios amid fee pressure and demand for personalised services.
Why it matters
Asset and wealth managers face simultaneous pressures: fee compression, client demand for personalised portfolios and a proliferation of data and model outputs. MDOTM’s Sphere claims to help firms move the operational work that still happens in spreadsheets into a governed, AI-driven workflow, potentially reducing operational strain across large book sizes.
The platform already supports more than £75.5bn in assets under management across 60+ financial institutions, with customers cited including Morgan Stanley, Amundi and Zurich Bank. For institutional buyers, the combination of scale, explainability and governance is increasingly as important as raw prediction performance.
Inside the product
Sphere is presented as an end-to-end AI workflow for investment teams. The platform bundles three core capabilities:
- AI-Driven Insights: analyses market and macroeconomic data to identify evolving market regimes and to generate forward-looking signals across asset classes.
- Portfolio Studio: translates those signals and user convictions into portfolio construction, customisation and rebalancing tools intended to operate at scale.
- StoryFolio: uses generative AI to automate personalised portfolio commentary and client reporting.
MDOTM positions Sphere for human-AI collaboration: models produce insights and scenarios that investment teams can interrogate and override, with an emphasis on explainability and governance. The company also references an MDOTM LAB academic network — more than 20 professors and PhDs — that supports research at the intersection of machine learning, portfolio management, behavioural finance and AI ethics. Sphere has also featured in industry awards, including a 2024 platform award and a Morningstar Fintech Showcase mention.
Who are the investors?
The round was led by Expedition Growth Capital, a London- and Boston-based growth equity firm focused on software and AI. As part of the financing, Expedition partner Steve Twomey joined the board. James Hays, chairman of IFC Advisors and former CEO of Wells Fargo Advisors, also took a board seat.
Total investment in MDOTM is now reported at about £27.6m. Expedition’s backing is framed as growth capital to support hiring across AI research, engineering, product and client solutions and to accelerate expansion in the US and Europe.
In the announcement, Steve Twomey, Partner at Expedition Growth Capital, said:
MDOTM has built the AI infrastructure that finally scales that work, with the explainability and governance institutional buyers demand.
If you're researching potential backers in this space:
- Explore our list of fintech venture capital firms in the UK
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Founder perspective
MDOTM was founded in London in 2015 and operates from offices including New York and Milan. The company says it will use the proceeds to scale teams across research, engineering, product and sales to meet accelerating demand in the US and European markets.
In the announcement, Tommaso Migliore, CEO at MDOTM, said:
This investment will help us expand our team and meet accelerating demand in the US and European market. </Founder perspective>
The bigger picture
The deal reflects the wider trend of asset managers adopting AI to automate repetitive workflow and to scale portfolio customisation and reporting. For UK and European firms, the priority is less about whether to use AI and more about deployment, governance and integration with existing investment processes — areas where providers that combine institutional controls with generative capabilities may find traction.
As regulators and clients press for transparency around model use, funding rounds like this signal that investors — including fintech investors — are still willing to back companies that promise both operational efficiency and explainability. The outcome will shape how quickly large wealth and asset managers move from pilots to production across the region.
They've invested in MDOTM
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