FOTechHub Bulletin #16 - Family Office Technology News Roundup

Company News 

Truewind Raises $13M Series A Funding

Truewind, a gen AI platform for accounting professionals, has raised $13M in Series A funding co-led by Rho Capital and Thomson Reuters Ventures, with participation from Pathlight Ventures. New board members include Habib Kairouz, Joe Dormani, and Charley Ma. Why It Matters:

• Truewind’s AI-powered platform is trusted by the likes of EisnerAmper and Frank Rimerman and claims to automate 47% of month-end close tasks.
• Existing investors include Fin Capital, Y Combinator, Fellows Fund, Beat Ventures, Soma Capital, Scrum Ventures, Hike Ventures, and SV Tech Ventures.
• This funding brings Truewind’s total to over $17M, supporting plans to expand its accountant community, scale its team, and enhance its product suite.
• Alex Lee, Truewind's CEO and Co-founder, will be interviewed on Tech-NEW-logy on 25 February - save the date.

Copia Wealth Studios Acquires Kinship

Copia Wealth Studios, managing $30B+ in assets, has acquired Kinship, a relationship management app for wealth managers. Kinship founder Victoria Wejchert will join Copia as a partner. What’s New:

• Kinship adds relationship intelligence, enabling collaborative deal management and investment insights.
• Integration is planned for early 2025, alongside other platform enhancements.
• Copia’s AI-powered platform consolidates data for a unified portfolio view.

iCapital Acquires AltExchange

iCapital is acquiring AltExchange, an AI-driven firm specializing in data aggregation and reporting for financial advisors and asset managers. AltExchange CEO Kareem Hamady will join iCapital. Why It Matters:

• AltExchange’s platforms, AdvisorVue and Digital Custodian, transform unstructured data into actionable insights, enabling real-time access and streamlined tax reporting.
• This acquisition bolsters iCapital's data management capabilities with AI-driven solutions, following its April 2024 acquisition of Mirador.
• The move highlights the growing competition in alternative investment data management, with players like Arch and Canoe reshaping the landscape.
• In related news, iCapital launched a Multi-Investment Workflow tool to simplify portfolio construction for alternatives
• Kareem Hamady from AltExchange will be interviewed in the next Tech-NEW-logy program on 19 December - sign up here.

Sandbox Wealth Raises $1.25M Pre-Seed Funding

Sandbox Wealth, a turnkey banking solution for non-bank financial institutions, has raised $1.25M in pre-seed funding led by NextGen Venture Partners, with participation from Northwestern Mutual Future Ventures, gener8tor, and RevTech Labs. Background and key detail:

• Funding will support talent acquisition and R&D to advance Sandbox’s innovative platform.
• Sandbox recently assembled a top-tier engineering team, led by Joseph Olenick (ex-Merrill Lynch, E*Trade), with expertise from Candor, Moody's, and NYSHEX.
• The company’s open architecture platform aims to empower RIAs and family offices with access to deposits, lending, and advanced analytics.
• Founded in 2023 by Ray Denis, Sandbox is a startup aiming to modernize private banking solutions for affluent clients. Sandbox was selected for RevTech Labs Class 21 and Northwestern Mutual’s Black Founder Accelerator.

Eton Solutions Launches EtonGPT™-Enabled Fund Accounting Platform for GPs

Eton Solutions has introduced an AI-powered Fund Accounting Platform and Services, built on the cloud-native AtlasFive® ERP system, targeting General Partners in Private Equity, Real Estate, and Fund of Funds sectors. Key Features:

• Integrates portfolio management, GL accounting, fund accounting, tax ledger, and risk management with AI-driven automation.
• EtonGPT™ enhances cash and treasury management, real-time reporting, and processes over 250 document types from capital calls, distribution notices to manager statements.
• Eton looks to build on its existing Fund Administration services business currently offered to 550 of its clients’ funds, totaling $27 billion in AUM.

Advyzon Launches Family Office Solution: Auria

Advyzon, a TAMP and tech platform for financial advisors, is entering the family office space with Auria, launching in Q1 2025. Key Features:

• Combines portfolio management, data aggregation, performance reporting, trading and rebalancing, document management, and CRM.
• Tools include net worth tracking, alternative investment management, and Wealth Blueprint for asset visualization.
• Targeted at single and multi-family offices, UHNW clients, and wealth managers.

In addition, Advyzon has partnered with iCapital to enhance alternative investment capabilities and reporting, and appointed Nikhil Deusana, a seasoned expert in wealth management tech & ops, to lead the launch of Auria.

Foundation Source Enters Donor-Advised Fund Market with Vennfi Acquisition

Foundation Source has acquired Vennfi, the fintech company behind the Charityvest DAF platform, expanding its offerings in the philanthropic space. Vennfi CEO Stephen Kump will join Foundation Source. Why it matters:

• The move is expected to enhance client retention for Foundation Source, as DAFs pose significant competition to foundation giving.
• The deal includes a workplace giving program for corporate and employee contributions.
• Charityvest will remain independent, leveraging Foundation Source’s technology for DAF operations.
• Foundation Source is expanding rapidly following its acquisition by Chicago-based private equity firm GTCR last September.
• Foundation Source will be interviewed in the 23 January Tech-NEW-logy program - sign up here.

QPLIX Raises €25M for Global Growth

QPLIX, a Munich-based wealth management software provider, secured €25M+ from Partech, which joins Deutsche Bank as a minority investor. Background & Plans:

• Funds will drive expansion into France, Switzerland, the UK, Middle East, and APAC regions.
• QPLIX’s platform unifies liquid and illiquid assets, offering real-time analytics, reporting, and portfolio lifecycle management.
• Key clients include Deutsche Bank and its Oppenheimer Family Office.

Product Updates, Integrations & Partnerships

Masttro Launches Next-Generation Platform with Integration Features

Masttro has launched its next-generation platform to enhance the performance, flexibility, and user experience of the Masttro platform for family offices, financial advisors, and wealth owners. Key Features include a new API for connecting with  portals, spreadsheets, GLs, and other applications, faster load times and rendering speeds, improved UI, cross-platform compatibility on desktop, tablet and mobile, and customizable branding. Additional features and modules planned for early 2025.

Mantle and Nasdaq Private Market Partner to Simplify Liquidity Programs for Private Companies

Mantle has partnered with Nasdaq Private Market (NPM), to streamline the creation of liquidity programs for private companies. This integration enables Mantle's clients to transfer cap table data directly into NPM's SecondMarket® Company Workstation via an API that complies with the Open Cap Table Coalition's Open Cap Table Format (OCF/OCX). This setup facilitates seamless tender offers, secure data transfer, and transparent reporting for all stakeholders. 

Earlier in December, Mantle launched Mantle Portal, a centralized platform for limited partners (LPs) to simplify investment management. It automatically organizes documents like capital calls and financial statements, extracts key data using AI, and supports workflows such as document and cash flow tracking and bank reconciliations. Founded by a team of serial entrepreneurs, Mantle is a private asset management platform for founders, operators, law firms, and limited partners.

Chronograph Integrates Cambridge Associates Benchmarks for Enhanced LP Analytics

Chronograph has integrated Cambridge Associates' Private Investment Benchmarks into its Chronograph for Limited Partners (LP) platform. This enhancement enables LPs to assess fund and portfolio performance against industry benchmarks within a unified analytics system. The integration is available to mutual clients, including pension plans, foundations, endowments, and family offices. This development aligns with Chronograph's recent growth and product innovations, such as the launch of Snowbank, a data warehousing solution, and Chrono AI, a generative AI assistant.

Hazeltree Enhances Treasury Management with Necto API Integration

Hazeltree, a New York-based provider of cloud-based treasury and liquidity management solutions for hedge funds and private equity firms, has partnered with Necto API, a global fintech specializing in bank API aggregation. This collaboration enhances Hazeltree's zConnect platform by providing clients with a single endpoint for real-time bank connectivity, account balances, and intraday payments. The integration aims to improve liquidity visibility, operational efficiency, and reduce manual errors.

Bloomberg Tax Launches Strategic Partner Program

Bloomberg Tax & Accounting has partnered with K1x, Incentify, and Antium to automate tax workflows. The program leverages AI-powered tools for alternative investment data (K1x), tax credit optimization (Incentify), and expense deduction automation (Antium). 

Alkymi Introduces Fund Tracker

Alkymi's new Fund Tracker streamlines private market operations by automating the tracking and management of investment data. It centralizes submissions from managers, clients, and funds, enabling users to monitor performance, flag delays or missing documents, and ensure reporting compliance. It offers a customizable interface and integration into downstream systems.

Luminary’s New Estate Planning Balance Sheet

Luminary's new customizable balance sheet offers a complete view of assets, liabilities, and net worth, distinguishing in-estate and out-of-estate holdings for tax planning. It supports diverse assets, syncs with integrated portfolios, and allows manual updates. Advisors can present in branded colors, export to Excel, or generate polished PDFs.

Vanilla Announces eMoney Integration 

Vanilla’s new integration with eMoney simplifies financial planning for advisors by automating data imports, generating estate plans, and syncing reports between platforms. Currently in pre-release, the integration will roll out to all customers in the coming months.

Vanilla also announced it raised $35M in a funding round that was initially disclosed in August, though the exact amount was not revealed at the time. Wealth.com, a competitor, secured $30M in its latest funding round in September.

TIFIN Give Unveils Public Campaign Feature for Donor-Advised Funds

TIFIN Give has introduced a new feature enabling donors to create personalized public campaigns within their donor-advised funds (DAFs). The feature allows donors to mobilize friends, family, and communities to contribute to shared causes, transforming individual giving into a collaborative effort. The platform integrates campaign creation and management, streamlining the process without having to rely on external platforms. 

Summitas and Risclarity Join Forces

Summitas has partnered with Risclarity to integrate secure client portals with advanced financial data aggregation, enhancing transparency and collaboration for family offices and ultra-high-net-worth clients.

Intelliflo RedBlack Introduces Wash Sale Detection

Intelliflo's RedBlack platform now includes a wash sale detection tool on its trading and rebalancing platform to improve IRS compliance. This feature links accounts, including SMAs, to identify wash sale risks before trades are executed. It screens at the position or trade lot level during rebalancing, provides alerts for account actions, and allows advisors to set tax-loss harvesting thresholds.

MTM360 Unveils Version 7

More Than Money 360 (MTM360) recently unveiled Version 7 of its "FamTec" platform. The latest version includes advanced collaboration tools, an enhanced analytics dashboard, aggregated family output by generation, a confidential voting booth, expanded family council monitoring, and customizable modules.

1fs Wealth Partners with Apex Group

1fs Wealth, a London-based wealth intelligence provider, has formed a strategic partnership with Apex Group, a global financial services company. This collaboration grants Apex Group's clients access to 1fs Wealth's AI-driven platform, enabling consolidation of assets, risk management, ownership oversight, and portfolio insights. 

New Clients

Capital Generation Partners Extends Partnership with Point

London-based Capital Generation Partners has renewed its partnership with Point for another five years. Point's Investment Data Intelligence (IDI) platform, integrated with CapGen’s portfolio system, Expersoft, streamlines data aggregation, analysis, and automated reporting.

Moving & Grooving 

Ryan Beach Named CEO of WealthTech Consultancy F2 Strategy

F2 Strategy, a wealth management technology and marketing services consultancy, has appointed Ryan Beach as its new CEO. Beach, who spent nearly 13 years at Orion Advisor Solutions in various executive roles—including President of Orion Wealth Management and Chief Operating Officer—succeeds co-founder Doug Fritz. Fritz will transition to Executive Chairman, focusing on strategic initiatives and client engagements. This leadership change follows a period of rapid expansion for F2 Strategy, which includes a majority investment from Renovus Capital Partners, the acquisition of Oakbrook Solutions, and the addition of key executives such as President Laura Korbel and CFO Jay Halbert.

BlackCloak Names Tracey Moon as CMO

BlackCloak, specializing in Digital Executive Protection, has appointed Tracey Moon as Chief Marketing Officer. With 25+ years in cybersecurity marketing, including roles at Cybersixgill and Verodin, Moon will enhance marketing strategies and client-focused offerings.