AI Accounting Startup FundGuard Raises $100 Million in New Funds

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 Amit Pilowsky, co-founder and managing partner of Key1 Capital.

In an interview, Pilowsky said most asset managers were relying on ...