As ultra-high-net-worth individuals continue to multiply, with more than 200,000 people now exceeding $50M in assets globally, family offices face mounting operational complexity that their technology infrastructure was never designed to handle. The number of family offices has nearly tripled since 2020 to over 17,000 worldwide, yet most still rely on disconnected QuickBooks files, fragile Excel spreadsheets, and enterprise ERPs retrofitted from corporate environments that struggle with multi-entity structures and dimensional reporting. This infrastructure gap creates material risk: delayed month-end closes, limited visibility across entities, and governance vulnerabilities that expose sensitive wealth data. Asseta AI addresses these challenges with The Intelligent Family Office Suite™, a purpose-built accounting platform designed from the ground up to support the full complexity of family office operations. The platform now supports more than $10B in assets, with nearly one-third of clients managing over $1B, demonstrating strong adoption among larger, more sophisticated family offices. Built on a single-database architecture that enables true multi-entity management, dimensional reporting, and integrated workflows from banking to bill pay, Asseta AI delivers the operational rigor of public company infrastructure with the flexibility these wealth management structures require.
AlleyWatch sat down with Asseta AI Cofounder and CEO Dean Palmiter to learn more about the business, its future plans, recent funding round, and much, much more…
Who were your investors and how much did you raise?
We raised a $4.2M seed round co-led by Nyca Partners and Motive Ventures, with participation from additional investors who share our conviction that family offices need technology designed specifically for their complexity.
Tell us about the product or service that Asseta AI offers.
Asseta AI is a purpose-built accounting and data platform for family offices managing complex, multi-entity wealth. The core of the system is a true multi-entity general ledger that sits on a single database, allowing family offices to manage dozens of entities, accounts, and capital structures without relying on spreadsheets or fragmented tools. On top of that ledger, we’re building modules for reporting, planning, approvals, bill pay, and banking to give family offices a unified operational hub.
What inspired the start of Asseta AI?
Family offices have become far more complex over the past decade, but the technology available to them hasn’t kept pace. Most are still working out of QuickBooks files, Excel spreadsheets, and legacy ERPs not designed for multi-entity structures or sensitive wealth management. My co-founder Daniel and I saw firsthand how much time and risk this creates. We started Asseta to give family offices modern infrastructure that reflects the reality of how they operate today, as well as what they’ll need as generational wealth transfers accelerate.
How is Asseta AI different?
We built the system from the ground up to support the full complexity of family-office operations. That starts with a multi-entity general ledger on a single database, dimensional reporting that lets teams slice data by entity, asset class, family member, or structure, and strong governance controls to protect sensitive financial data. Asseta also brings all core operational workflows onto one platform rather than forcing teams to manage a patchwork of tools. That combination of architecture and usability is what sets us apart from both consumer accounting software and retrofitted enterprise systems.
What market does Asseta AI target and how big is it?
Asseta AI serves family offices and the broader ecosystem that supports them, including multi-family offices, RIAs working with ultra-high-net-worth clients, and CPA firms managing complex wealth structures. The total annual market opportunity across these segments is estimated to be upward of $1 billion.
Globally, more than 200,000 individuals have a net worth above $50M, and roughly 40 percent of them are in North America. The number of family offices has expanded rapidly as well, with more than 17,000 now operating worldwide — nearly three times the number that existed in 2020. This growth, combined with increasing investment sophistication, has created significant demand for modern infrastructure built specifically for multi-entity wealth.
What’s your business model?
We operate on an annual software subscription model that scales with the complexity and needs of each family office.
What was the funding process like?
The process for this seed round moved quickly. It was under 90 days from initial conversations to close. We weren’t actively raising, but after meeting Nyca Partners and then Motive Ventures, it was clear they understood the infrastructure problem we’re solving and could bring real experience and networks to support the next phase of the company.
What are the biggest challenges that you faced while raising capital?
The biggest challenge was finding the right partners. There’s no shortage of capital in the market, but not all investors bring the expertise, networks, or long-term alignment that a company at our stage needs. Taking money from the wrong partners, or on terms that create unnecessary constraints, can be counterproductive. We were very deliberate in choosing investors who understood the infrastructure problem we’re solving and could add meaningful strategic value beyond the funding itself.
What factors about your business led your investors to write the check?
Investors saw three things: the scale of the unmet need, the strength of our early traction, and the advantage of our architecture.
Family offices are outgrowing the tools they have relied on for years, and our approach, which combines a single-database, multi-entity foundation with strong data governance, resonated. The growth validated that point, with ARR increasing significantly year over year and more than $10 billion in assets now managed on the platform. Nearly one-third of our clients oversee more than $1 billion, which reinforces that the market is ready for purpose-built infrastructure.
What are the milestones you plan to achieve in the next six months?
Over the next six months, we’re focused on expanding our engineering and product teams and advancing several key modules within The Intelligent Family Office Suite™. That includes deeper capabilities in reporting, planning, bill pay, and banking, which are areas where family offices are looking for more accuracy, automation, and control. We’re also continuing to strengthen implementation and customer support as our client base grows. The goal is to move quickly, but with the same level of precision and reliability that our clients expect.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Building and maintaining your founder peer network is incredibly important. Find and make friends with other founders who can make introductions to venture firms. Most VCs do not want to take meetings and invest unless they are made by warm introductions.
Where do you see the company going now over the near term?
Our focus is on continuing to build out The Intelligent Family Office Suite™ and expanding the engineering and client success teams that support it. That includes deeper capabilities in reporting, planning, approvals, bill pay, and banking, which are all areas where family offices want more visibility and stronger workflows. We’re also preparing for measured growth as demand increases, while staying focused on quality and consistency for the clients we serve today.
What’s your favorite fall destination in and around the city?
I like Woodstock, NY and Lake Placid, NY. I have also been to Nantucket and Montauk in the fall – the crowds are gone and it can be quite peaceful.
