Asseta AI, an accounting software platform designed specifically for family offices, has raised $4.2 million in seed funding, the startup tells This Week in Fintech exclusively. Nyca Partners and Motive Ventures co-led the financing.

CEO Dean Palmiter and CTO Daniel Kennedy founded Asseta AI in January 2023. The idea took shape after years of firsthand experience working with large ERP systems such as NetSuite and Sage Intacct.  

New York-based Asseta AI operates under the premise that family offices are overlooked from a tech perspective. And the options they do have, Palmiter claims, are often designed more for hedge funds and private equity firms. Simply put, the company’s mission is to become the “Palantir for Billionaires,” helping the wealthiest families in the United States manage their wealth.

Legacy systems, Palmiter argues, were designed for corporations with inventory and procurement needs, not for multi-entity wealth structures. 

“We founded Asseta AI to build something purpose-built from the ground up to serve this market,” he told This Week in Fintech. “Think of it as the financial operating system for families managing multiple entities, investments, and bank accounts. Instead of juggling dozens of spreadsheets or running multiple QuickBooks files, Asseta AI brings everything into one secure platform.”

How it works

Asseta AI runs on a single database with a multi-entity general ledger, meaning a family can manage all their entities from one login with the ability to generate consolidated reports “instantly,” according to Palmiter.

It also includes “dimensionality,” which he says lets users tag and analyze data by entity, family member, or asset class.

“And because family offices handle sensitive information, we’ve embedded governance, permissions, and audit trails into the system itself,” Palmiter added.

Asseta AI says it uses SOC 2 and ISO 42001 compliant AI to assist with data cleanup during migration, document data ingestion and parsing, transaction categorization, and analysis. 

“Our users benefit from having their data clean, normalized, and in one central database, enabling the most comprehensive data sets for querying with AI,” Palmiter said.

Asseta AI has 23 paying customers, with nearly one-third of them being family offices managing more than $1 billion. The startup’s annual recurring revenue (ARR) is up about 1,500 percent year over year, and family offices are now managing more than $10 billion in assets on the platform, according to Palmiter. 

It makes money by charging an annual software subscription “that scales with the needs of each office,” Palmiter said. 

Presently, Asseta AI has 12 employees with plans to grow to about 50 to 100 employees over the next two years, particularly across its engineering and customer success teams.

While the startup is currently focused on the U.S., Palmiter said that Europe “is an appealing future market.”

Market landscape

Jasleen Kaur, principal at Nyca Partners, said his firm spoke with several family offices during due diligence.

“None of them were happy with their current systems, which were quite often just a combination of manual work augmented with off-the-shelf solutions cobbled together, making the family office tech stack inefficient and expensive,” Kaur told This Week in Fintech.

Overall, the firm was impressed with Asseta AI’s ability to have “found a niche in family offices.”

The fact that the space, in Kaur’s view, “is completely underserved by technology” combined with “the large and increasing number of family offices globally” was attractive to the venture firm.

Indeed, a 2024 report from Preqin found that family offices more than tripled between 2019 and 2023, from 1,285 to 4,592. And family offices generally seem to be more open to using generative AI. A 2025 report from RPC and Campden Wealth found that in 2025, 29% of family offices surveyed use generative AI to aid investment reporting and 30% to conduct research. That compares to 11% of family offices which had implemented generative AI in 2024.

Through mid-August 2025, AI startups had already raised $118 billion, per Crunchbase data, already surpassing the $100 billion raised in 2024.