Maybern Secures $50 Million Series B to Expand AI-Powered Operating System for Private Funds

Maybern, a New York City-based financial technology company building an operating system for private funds, has raised $50 million in a Series B funding round to accelerate product development and expand its research and engineering teams. The new capital brings the company’s total funding to $76 million and marks a significant milestone as Maybern scales its platform across the private capital ecosystem.

The Series B round was led by Battery Ventures, reflecting growing investor confidence in Maybern’s approach to modernizing fund operations. The round also included participation from existing and new investors such as Primary Venture Partners, Human Capital, MetaProp, Grafton Street Partners, Camber Creek, and Friends & Family Capital.

As part of the financing, Battery Ventures General Partner Marcus Ryu, co-founder and former CEO of enterprise software company Guidewire Software, will join Maybern’s board of directors. His experience scaling mission-critical software platforms is expected to support Maybern as it expands its footprint among private equity, real estate, and credit managers.

Founded in 2020, Maybern focuses on addressing long-standing inefficiencies in the back- and middle-office operations of private funds. Many private capital firms continue to rely on a patchwork of spreadsheets, legacy accounting systems, and manual processes to manage fund accounting, performance reporting, and audits. Maybern’s platform aims to replace these fragmented workflows with a unified system designed to serve as a single source of truth across the fund lifecycle.

The company positions its software as a performance book of record, offering automation and data integrity across accounting, investor reporting, and portfolio analytics. By embedding AI-driven tooling into its workflows, Maybern seeks to reduce operational risk, improve audit readiness, and give fund finance teams real-time visibility into complex data sets that traditionally require extensive manual reconciliation.

According to the company, the new funding will be used primarily to deepen its AI capabilities, expand automation across additional workflows, and enhance analytics and reporting features. Maybern also plans to invest in expanding its engineering, product, and customer success teams to support a growing client base and increasingly complex fund structures.

Over the past year, Maybern has reported rapid adoption of its platform, supporting more than $80 billion in assets under management across over 150 fund vehicles. Its customers span a range of private market strategies, including private equity, real estate, and private credit, and include firms such as Madison Realty Capital, Gauge Capital, Town Lane, and Derby Lane Partners.

Chief executive officer and co-founder Ross Mechanic has emphasized that private capital firms are under increasing pressure to deliver greater transparency, governance, and operational efficiency to investors and regulators. Maybern’s software is designed to help finance teams move away from reactive, spreadsheet-driven processes and toward proactive, data-driven decision-making.

The private markets industry, which has grown into a multi-trillion-dollar segment globally, continues to attract technology investment as managers seek infrastructure that can scale alongside fund complexity and regulatory demands. As fund strategies diversify and reporting requirements become more stringent, demand is rising for modern platforms that can handle large volumes of data while maintaining accuracy and auditability.

With fresh capital in place, Maybern aims to strengthen its position as a core infrastructure provider for private funds. By combining automation, AI, and purpose-built fund accounting architecture, the company is positioning itself to play a central role in how private capital firms manage operations, reporting, and performance in an increasingly digital and data-intensive environment.