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Israel's AI-based investment platform Fundguard raises $100 million in private funds

(This March 25 story has been corrected to add dropped word 'million' in the headline)

JERUSALEM (Reuters) - Fundguard, an Israeli AI-based platform that helps asset managers, banks and their service providers to manage mutual funds, hedge and pension funds and other investments, said on Monday it had raised $100 million in a private funding round.

The Series C round was led by Key1 Capital and new investors including Euclidean Capital and funds managed by Hamilton Lane. Existing strategic investors Citi and State Street also participated, plus the company’s earliest financial investors such as Blumberg Capital and Team8.

Fundguard said the funds raised would be used for ongoing investment in product innovation and continued expansion of its operations.

Israeli media reported that the round was made at a company value of up to $400 million.

The startup, launched in 2018, said it has raised more than $150 million to date, made new client acquisitions and opened company offices in Boston, London and Toronto.

Fundguard said it was transforming investment operations by leveraging cloud-native technology and AI capabilities to modernize and streamline investment accounting operations and workflows and migrate to the cloud.

(Reporting by Steven Scheer, editing by Ed Osmond)