Lead by Key1 Capital, the round included participation from former backers Blumberg Capital and Team8, as well as new investors Euclidean Capital and Hamilton Lane.

With its most recent investment round, the company has raised $155 million in total, nearly two years after raising $40 million in a Series B round in April 2022.

Using AI-powered insights, FundGuard, a company founded in 2018, provides a Software-as-a-Service (SaaS) investment accounting platform designed to assist asset managers and their service providers in managing mutual funds, ETFs, hedge funds, insurance products, and pension funds.

The company claims that in order to "modernize and streamline investment accounting operations and workflows," it uses AI and cloud-native technology.

Having already constructed new offices in Boston, London, and Toronto in the two years since its Series B, it intends to utilize the additional capital to increase its market reach, expedite the deployment of new capabilities, and spend more in product development.