Dave Duffield, the billionaire who founded the enterprise software firms PeopleSoft and Workday, has raised $250 million for his third company, Ridgeline, valuing it at $1.4 billion.
Ridgeline builds portfolio and back-office software for investment managers, and describes itself as an AI-native platform designed to replace the multiple ageing systems such firms typically run.
According to Citywire, the financing was led by Duffield himself and drew backing from customers and affiliated investors.
Appetite remains
The invitation-only, late-stage round underlines continued investor appetite for software that applies artificial intelligence to established financial workflows.
The company said the money would fund expanded AI capabilities, larger managed-service offerings and international growth in Canada and Europe.
Beyond North America
Ridgeline is pushing beyond its initial North American market, where it says it has built a sizeable institutional customer base with committed assets on the platform.
The raise gives Duffield fresh capital to scale automation and services for institutional clients, three decades after PeopleSoft first made his name in enterprise software.
