Read the 12-slide pitch deck a fintech firm focused on family offices used to raise $4.2 million
Asseta AI, a newly founded startup, is revolutionizing the way family offices manage their substantial wealth by providing an advanced accounting platform tailored to their unique needs. Founded by Dean Palmiter in 2023, Asseta AI emerged from Palmiter’s realization that many family offices were still relying on outdated technologies, such as Excel and QuickBooks, to manage their finances. This is particularly concerning given that family offices in the U.S. managed an astounding $3.1 trillion in assets last year, surpassing the market capitalizations of tech giants like Meta and Tesla combined. According to a recent Deloitte report, 72% of family offices indicated that their investment in necessary technology was either lacking or only moderately sufficient, underscoring the urgent need for more sophisticated solutions.
Asseta AI aims to fill this gap in the market with its comprehensive suite of tools designed to provide consolidated reporting and insights across all of a family’s legal entities. By offering a more streamlined and efficient way to manage investments, transactions, and asset classes, the platform is already making waves in the industry. The startup recently raised $4.2 million in seed funding, co-led by financial services investors Nyca Partners and Motive Partners, to expand its product offerings and grow its team. This funding comes at a time when the number of family offices is on the rise, fueled by an increasing number of ultra-high-net-worth individuals (UHNWIs) — over 168,500 globally have a net worth exceeding $50 million, with 40% based in North America. With a client base managing over $10 billion in assets, Asseta AI is poised to become a key player in this burgeoning market.
The startup’s pitch deck highlights the immense potential of the family office sector, projecting that the wealth managed by these entities could reach $9.5 trillion by 2030. Asseta AI’s platform not only addresses the current inefficiencies but also aims to become the definitive operating system for family offices, integrating AI capabilities to transform fragmented accounting and investment data into actionable intelligence. With a strong leadership team boasting extensive experience in accounting and technology, including Palmiter’s background at Sage and NetSuite, Asseta AI is well-equipped to tackle the challenges faced by family offices. As the demand for modern financial management solutions grows, Asseta AI’s innovative approach positions it as a frontrunner in the evolution of family office operations.
Dean Palmiter founded Asseta AI after realizing most family offices were using outdated or inefficient tech.
Courtesy of Asseta AI
Asseta AI is software for family offices, which are becoming more common.
The startup has raised $4.2 million in seed funding from investors in the financial services sector.
Read Asseta AI’s pitch deck, which outlines the growing family office market and the problems it aims to address.
Family offices in the US managed $3.1 trillion worth of assets last year, according to a Deloitte report. That’s more than the market caps of Meta and Tesla, combined.
But many family offices manage all of those assets using relatively basic software, such as Excel and QuickBooks, as well as borderline prehistoric technologies like fax machines.
The majority — 72% — of family offices said their investment in the technology needed to run their businesses is either insufficient, nonexistent, or only moderately sufficient, according to the Deloitte report.
Asseta AI, founded in 2023, is an accounting platform designed to address this. It works with family offices — the vehicles that oversee the money and assets of the uber wealthy — who together manage more than $10 billion in assets on Asseta AI.
“There’s a huge gap in the market between mom-and-pop accounting software and large enterprise systems like SAP,” Dean Palmiter, Asseta AI’s CEO, told Business Insider.
He was working at accounting tech giant Sage when a client, a former hedge fund manager who had started a family office, described how convoluted it had all become.
“He was using 67 separate QuickBooks logins, and that’s when I had the aha moment,” he said.
Asseta AI’s suite of tools provides consolidated reporting for visibility across all of a family’s legal entities, offering insights into transactions, asset classes, and family members.
In November, Asseta said it raised $4.2 million in seed funding.
It’s a good time to be thinking about wealthy families.
There are more billionaires than ever, and they are wealthier than ever, with a combined net worth of $15.8 trillion, according to a UBS report published this week.
That means more family offices than ever. Last year, Deloitte estimated there were 8,030 family offices globally, and that by 2030, the wealth of families with family offices would reach about $9.5 trillion.
Asseta AI has been feeling the demand. The company, which charges clients $35,000
a year, is on track to be profitable in the next 18 months, Palmiter said. He said he wasn’t actively fundraising when clients began to ask about its reserves, prompting him to explore fundraising options.
“They just want to know that we’re well capitalized for multiple years,” he said. “We were perfectly content bootstrapping.”
The round was co-led by financial services investors Nyca Partners and Motive Partners. The money will be used to expand Asseta AI’s product offerings into areas like forecasting and planning, and scale its team by hiring across engineering and customer success.
The pitch deck that Palmiter used to secure $4.2 million highlights the growing opportunity in the space and outlines how Asseta AI can help meet those needs.
The deck has been edited, and details have been redacted to share it publicly.
The pitch deck starts with a title slide that introduces Asseta AI and the company’s tagline.
Courtesy of Asseta AI
The second slide lays out Asseta AI’s simple mission statement.
Courtesy of Asseta AI
Asseta AI touts its adoption and growth metrics.
Courtesy of Asseta AI
Asseta AI’s C-suite has experience across technology, accounting, and investing.
Courtesy of Asseta AI
The company’s founders are Dean Palmiter and Daniel Kennedy.
Palmiter, who serves as its CEO, worked on the family office practice at Sage and NetSuite. Kennedy, the CTO, has over a decade of experience as an engineer, having worked for BCG and designed platforms for companies such as Walgreens and CVS.
Nathan Kotler, the head of investments, Josh Summerford, the head of finance, and Stan Perry, the COO, all have experience in family offices.
Asseta AI details its solutions to the current market’s problems in this slide.
Courtesy of Asseta AI
This slide reads:
Asseta is the comprehensive AI-native operating system.
Our unified platform is innovating family office operations by transforming fragmented accounting and investments data into actionable intelligence.
Asseta AI included a screenshot of its interface.
Courtesy of Asseta AI
Asseta AI outlines the potential market opportunity.
Courtesy of Asseta AI
The deck dives deeper here.
Courtesy of Asseta AI
This slide reads:
As of 2024, an estimated 168,500 people globally have a net worth of more than $50 million and more than 35,000 have more than $100 million according to Credit Suisse and UBS’s Global Wealth Report. 40% of these UHNWIs are in North America. There are 3x more family offices today than there were in 2019.
This slide breaks down the competitor set of existing accounting software.
Courtesy of Asseta AI
Here’s Asseta AI’s pitch to clients.
Courtesy of Asseta AI
This slide reads:
We bring expertise in family offices that can’t be beat.
We build to solve the challenges for a very specific customer problem set.
Our customer base and community more closely resembles them.
SOC 2 Type II compliant.
AI purpose built for accountants.
All inclusive pricing. No hidden costs. No penalties for growth.
Implement in minutes and get instant value.
The deck ends with the company’s plans for the future.
Courtesy of Asseta AI
This slide reads:
Asseta AI becomes the only modern all-in-one family operating system of the last decade
Build an ecosystem of AI-powered apps on top of clean accounting and investments data
Become the source of truth for families to make more informed investment/financial decisions
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