Artificial intelligence is revolutionizing most industries, and financial services is definitely no exception.
Up thus far based in New York FundGuardAI-powered investment accounting platform for asset managers, raised a latest $100 million round led by Key 1 Capital and latest investors incl Euclid’s capital and funds managed by Hamilton Lane.
The round also included current strategic investors, in response to the company, in addition to previous investors, including: The capital of Blumberg AND Team 8.
“FundGuard is shaping the future of investing and fund accounting,” said co-founder and CEO Liora Jogewa. “This latest significant investment round reflects the industry’s continued support, our investors’ confidence in the value our products bring to the market, and their confidence in our leadership and strategic roadmap.”
The company didn’t disclose the valuation, but it was there reported the round was raised to a valuation of $400 million. Founded in 2018, FundGuard has raised over $150 million for the company.
The company last raised $40 million in a Series B round in April 2022.
Artificial intelligence, finance and investing
FundGuard leverages the power of artificial intelligence to streamline investment accounting operations and workflows. The startup, which has offices in New York, Boston, London, Toronto and Tel Aviv, plans to make use of the latest money for ongoing investments in product innovation in addition to customer acquisition.
The round is the latest initiative from a startup that uses artificial intelligence to modernize or improve a specific sector or industry. In almost the entire first quarter of this yr, such startups raised a staggering $10.3 billion, in response to Crunchbase data.