8 months ago
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Artificial intelligence is disrupting most industries, and financial services certainly is no exemption.
To that point, New York-based FundGuard, an AI-powered investment accounting platform for asset managers, raised a fresh $100 million led by Key1 Capital and new investors including Euclidean Capital and funds managed by Hamilton Lane.
The round also included participation from existing strategic investors, the company says, as well as previous investors such as Blumberg Capital and Team8.
“FundGuard is shaping the future of investment and fund accounting,” said co-founder and CEO Lior Yogev. “This latest significant investment round reflects the ongoing support of the industry, the confidence our investors have in the value our products bring to the market, and their trust in our leadership and strategic roadmap.”
The company did not disclose a valuation, but it has been reported the round was raised at a valuation of up to $400 million. Founded in 2018, FundGuard has raised more than $150 million, per the company.
The company last raised a $40 million Series B in April 2022.
AI, finance and investing
FundGuard is leveraging AI capabilities to help streamline investment accounting operations and workflows. The startup, which has offices in New York, Boston, London, Toronto and Tel Aviv, plans to use the new cash for ongoing investment in product innovation, as well as customer acquisition.
The round is just the latest by a startup that uses AI to help modernize or improve a certain sector or industry. In the nearly complete first quarter of this year, such startups have raised an eye-popping $10.3 billion, per Crunchbase data.
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- Foundry Emerges From Stealth With $80M For Purpose-Built AI Cloud
Illustration: Dom Guzman
