Lombard Systems raised a total of $4 million in pre-seed and seed funding.

Lombard Systems, formerly SemiLiquid/PCP, raised $4 million across pre-seed and seed rounds led by Ethereal Ventures, with Alps Capital, First Commit Capital, Veris Ventures and Atka participating. The company is developing a Delivery-versus-Lock standard that lets institutions borrow against tokenized assets as collateral without moving them out of their existing securities accounts. The funding will go toward legal opinions in multiple jurisdictions, institutional integrations and team expansion. It matters because collateral mobility is a key bottleneck in institutional tokenized-asset adoption, and the legal work signals a push to make the model enforceable across markets. Next, watch for the first named institutional integrations and which jurisdictions issue the initial legal opinions.