FundGuard, a US startup, has raised $100 million in funding to enable asset managers access to a cloud-based account management platform driven by artificial intelligence.

Founded in 2018, the business has secured $150 million to develop its investment management platform driven by artificial intelligence.

FundGuard says that by utilizing cloud and AI, it has “transformed” account management.

The firm stated its aim for an asset management system that “flows front to back across asset classes, regions, and functions – helping to facilitate safe and efficient asset growth for all investors.” The model would be industry-supported and unified.

Mutual funds, hedge funds, insurance products, pension funds, ETFs, and hedge funds may all be managed with FundGuard’s AI-powered platform.

The Key1 Capital fund spearheaded the Series C funding round, with Euclidean Capital following suit.

According to the startup the money obtained will be used for continuing investments in new and existing product development as well as ongoing client onboarding.

The majority of asset managers, according to Amit Pilowsky, co-founder and managing partner of Israel-based Key1 Capital, are forced to use “outdated” accounting software.

According to Pilowksy, “there are a lot of errors and the reporting isn’t always timely.”

FundGuard has “solved a critical issue for a sizable industry.” It’s not a luxury item, he declared.

FundGuard maintains offices in Boston, New York, Toronto, London, and Tel Aviv.

Artificial Intelligence has rapidly expanded and become a vital component of the industry.

AI and GenAI are already being used in practically every area, from gaming and accounting to healthcare and education, thanks to the release of ChatGPT in 2022.

According to research and analytical firm GlobalData, the AI market as a whole will be valued $383.3 billion by 2030, with a compound annual growth rate of 21% from 2022 to 2030.