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Stock impact report

AI Accounting Startup FundGuard Raises $100 Million in New Funds [BNN Bloomberg (Canada)]

Hamilton Lane Incorporated - Class A (HLNE) 
Last hamilton lane incorporated - class a earnings: 2/4 07:00 am Check Earnings Report
Company Research Source: BNN Bloomberg
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 In an interview, Pilowsky said most asset managers were relying on “outdated” accounting software “literally written in the 1980s and 1990s” that ignored technological advances in cloud computing and AI.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 “solved an acute problem for an enormous industry. It's not a nice-to-have,” he added. 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 fu Show less Read more
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