Read Asseta AI's pitch deck. The startup raised $4.2 million to solve a major pain point for family offices.

"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."

"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."

Family offices in the US managed $3.1 trillion in assets last year, exceeding the combined market caps of Meta and Tesla. Many family offices still rely on Excel, QuickBooks, and fax machines for operations. Seventy-two percent report insufficient or nonexistent technology investment. Asseta AI, founded in 2023, provides an accounting platform and consolidated reporting across legal entities, giving visibility into transactions, asset classes, and family members. Asseta AI hosts family offices that manage more than $10 billion on its platform. The startup raised $4.2 million in seed funding in November amid growing billionaire wealth totaling $15.8 trillion.

Read at Business Insider