Pru, TIAA, State Street Invest $5M in Startup Seeking to Rewire Retirement Plans

Micruity is moving ahead with efforts to build a new nervous system for retirement services providers with new backing from some giant financial firms.

The company has raised an additional $5 million to expand support for annuities and other income planning tools to its Micruity Advanced Routing System, it announced Tuesday.

The MARS platform can help employers and their service providers add new types of income planning features to 401(k) plans, 403(b) plans and other retirement plans, by connecting asset managers, life insurers and recordkeepers.

Other startups have said they want to rewire parts or all of the financial services industry, but Micruity has more support than most startups that express similar ambitions.

Pacific Life and Western & Southern Financial Group had already provided $6 million in funding before the company raised the new round of capital. The companies that joined the investor pool Tuesday are Prudential Financial, State Street Global Advisors and TIAA Ventures.

What it means: Some of your clients’ retirement plan data could eventually move through MARS wires.

Micruity: Micruity is a San Mateo, California-based company.

Trevor Gary, the CEO and co-founder, previously was an actuarial consultant at Deloitte Canada.