Maybern, the New York-based operating system for private funds, which develops AI-driven infrastructure for alternative asset managers, has secured $50m in Series B funding.
The company said the fresh capital is needed to accelerate the development of its AI-powered infrastructure aimed at modernising back and middle-office processes across the booming $16trn global alternatives market.
Founded to tackle long-standing structural issues in fund management, Maybern builds infrastructure that unifies performance, investor and investment data into a single source of truth. Its technology aims to eliminate spreadsheet-led workflows and manual processes, enabling fund CFOs to move from reactive reporting to providing strategic insights powered by automation, controls and real-time analytics.
The newly announced Series B funding, led by Battery Ventures with participation from Primary Venture Partners, Human Capital, MetaProp, Grafton Street Partners, Camber Creek and Friends & Family Capital, brings Maybern’s total funding to date to $76m.
As part of the round, Battery general partner Marcus Ryu — co-founder and former CEO of InsurTech pioneer Guidewire Software — will join Maybern’s board.
The company’s platform is designed to give private fund managers governance, transparency and traceability across operations. Maybern claims the system lays the data foundation required to make AI reliable within private markets.
Additional product-related enhancements under development include more advanced AI-driven automation for fund operations, audit support tools, and improved reporting capabilities. The new capital will be used to expand the firm’s research and development team to accelerate these initiatives.
The company has recorded 4.6x year-over-year growth and now supports more than $80bn in assets under management. Its client base includes private equity, credit and real estate managers such as Madison Realty Capital, Gauge Capital, Town Lane and Derby Lane Partners.
Maybern co-founder and CEO Ross Mechanic said, “Private markets have evolved rapidly, but the systems that power them have not. Maybern is defining a new category of fund management software. We’re building the back and middle-office infrastructure that gives managers governance, transparency, and traceability, providing the data foundation that makes AI reliable for private markets.”
Battery Ventures general partner Marcus Ryu said, “The multi-trillion-dollar scale and enormous complexity of alternative asset firms relies today on a foundation of Excel and human labor from finance professionals. Ross and Ashwin recognized the opportunity to migrate these intricate calculations and workflows to an AI-ready enterprise software platform — and had the technical, design, and domain expertise to build it.
“I see clear parallels and a comparably sized market opportunity to the core system modernization for P&C insurance led by my former company, Guidewire Software.”
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