Pitch deck: Family office fintech startup Asseta AI raises $4.2 million

U.S. family offices managed $3.1 trillion worth of assets last year, according to a Deloitte report. This is more than the combined market capitalization of Meta and Tesla.

But many family offices manage all of these assets using relatively basic software like Excel and QuickBooks and borderline prehistoric technology like fax machines.

According to the Deloitte report, the majority of family offices (72%) said their investments in the technology they need to run their businesses are inadequate, non-existent or only moderately adequate.

Founded in 2023, Asseta AI is an accounting platform designed to address this. It works with family offices (institutions that manage the funds and assets of ultra-high-net-worth individuals) who collectively manage over $10 billion in assets with Assetta AI.

“There's a huge gap in the market between homegrown accounting software and large enterprise systems like SAP,” Dean Palmiter, CEO of Assetta AI, told Business Insider.

When he was working at accounting technology giant Sage, a client of his, a former hedge fund manager who was starting a family office, told him how complicated everything had become.

“He was using 67 separate QuickBooks logins. That's when I thought, Wow,” he said.

Asseta AI's suite of tools provides integrated reporting for visibility across a family's legal entities, providing insights into transactions, asset classes, and family members.

Aceta announced in November that it had raised $4.2 million in seed funding.

It's a good time to think about wealthy families.

There are more billionaires than ever before and their net worth is richer than ever, with a combined net worth of $15.8 trillion, according to a UBS report released this week.

This means there will be more family offices than ever before. Last year, Deloitte estimated that there are 8,030 family offices around the world and that by 2030, the wealth of families with family offices will reach approximately $9.5 trillion.

Asseta AI sees that demand. The company charges customers $35,000 Palmiter said the company is on track to become profitable over the next 18 months. He said the company was not actively raising money when customers started asking questions about its reserves, prompting it to consider financing options.

“They just want to know that we have enough capital set aside for multiple years,” he says. “We were bootstrapping to our full satisfaction.”

The round was co-led by financial services investors Nyca Partners and Motive Partners. The funding will be used to expand Assetta AI's product offerings into areas such as forecasting and planning, and expand its team with hires across engineering and customer success.

The pitch document Palmiter used to secure $4.2 million highlights the growing opportunities in this space and outlines how Assetta AI can address those needs.

This deck has been edited and details redacted for public viewing.