The startup is leveraging AI to streamline investment accounting operations and workflows. It is part of a growing trend of startups using AI to modernize various sectors, with such companies raising $10.3 billion in the first quarter of this year alone, according to Crunchbase data. The company's valuation was not disclosed, but reports suggest the round was raised at a valuation of up to $400 million.
Key takeaways:
- FundGuard, an AI-powered investment accounting platform, has raised $100 million in a funding round led by Key1 Capital, with participation from Euclidean Capital, Hamilton Lane, Blumberg Capital, and Team8.
- The company, which was founded in 2018, has raised more than $150 million in total and the recent round was reportedly raised at a valuation of up to $400 million.
- FundGuard plans to use the new funding for product innovation and customer acquisition. The company has offices in New York, Boston, London, Toronto, and Tel Aviv.
- In the first quarter of this year, startups that use AI to modernize or improve a certain sector or industry have raised $10.3 billion, according to Crunchbase data.