FundGuard, a fully cloud-native, artificial intelligence (AI)-driven, multi-asset class investment accounting platform, has secured $100m in its Series C funding round.
The financing round was led by Key1 Capital and new investors including Euclidean Capital and funds overseen by Hamilton Lane.
It also had the participation from existing strategic investors as well as FundGuard’s earliest financial investors, namely Blumberg Capital and Team8.
Key1 Capital co-founder and managing partner Amit Pilowsky said: “The exceptional team at FundGuard has developed a unique, cutting-edge technology platform over the last five years, empowering asset managers and fund administrators with a timely, accurate, and cost-efficient solution to support their investment accounting operations.”
The firm aims to leverage the new capital for its ongoing investment in product innovation. FundGuard will also use the proceeds from the financing round for continued onboarding of existing and new customers.
FundGuard, which was established in 2018, utilises cloud-native technology and AI capabilities to transform and optimise investment accounting operations and workflows.
It offers an AI-powered and cloud-native software as a service (SaaS) platform for investment management and administration.
The accounting platform assists asset managers and their service providers in handling hedge funds, ETFs, mutual funds, insurance products, and pension funds. This enables digital transformation, operations automation, AI-based insights, resiliency, and migration to the cloud.
FundGuard CEO and co-founder Lior Yogev said: “FundGuard is shaping the future of investment and fund accounting.
“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.”
FundGuard is supported by partners including Citi and State Street. It has a total investment of more than $150m to date.