The platform, called Matrix, will aim to centralise and process all of the data captured by underlying custody, fund administration and transfer agency platforms.
With increased requirements on fund transparency, it could provide further opportunities for custodians to offer analytics services to asset managers.
Big data is becoming a greater value proposition for custodians than the traditional model of asset keeping and settlement.
The custodian will also look to deliver new capabilities across data aggregation, data enhancement and data analytics to support trading and execution.
The Series A round of funding for the FinTech firm is the latest move for fund administrations expanding their front-office data capabilities.
BNY Mellon will build a global digital team across the bank, with the aim to attract new talent and setting its strategic digital direction.
Citi launched Velocity Clarity in June last year with the aim to consolidate data across its custody and fund services business.