FundGuard, a startup that provides a cloud-based, artificial intelligence-powered accounting platform for asset managers, has raised $100 million in new funding, including from major global investment firms.
The Series C round was led by the Israel-based Key1 Capital fund and joined by Euclidean Capital LLC, with funds managed by Hamilton Lane, according to a company statement.
State Street, an existing strategic investor, also joined the fundraising and is a customer of the six-year-old startup, according to
In an interview, Pilowsky said most asset managers were relying on "outdated" accounting software "literally written in the 1980s and 1990s" that ignored technological advances in cloud computing and AI.
"What happens is that there are many mistakes, the reporting is not always timely," and operational costs and hiring have been on the rise, he said.
FundGuard was founded in 2018 and has raised $150 million to build its investment management software, which it says is powered by AI and can be used to manage mutual funds, ETFs, hedge funds, insurance products, and pension funds. It has offices in New York, Boston, London, Toronto and Tel Aviv.
The company didn't disclose its valuation in the latest round. It said it would use the new funds to expand its product innovation and customer base.
