Episode 17
February 25th, 2025
Show Summary
Paul Freeland interviews Truewind – an AI-powered accounting platform automating routine tasks and LemonEdge – next-generation fund accounting software designed for private markets.
About the Moderator
Paul Freeland, Partner, Family Enterprises, PwC US
Paul Freeland is a Family Enterprise Partner at PwC with over 25 years of fintech experience. He leads PwC’s Wealth Compass managed service, focusing on technology and reporting solutions for family offices and ultra-high-net-worth individuals. His expertise includes long-term planning, asset aggregation, and partnership administration for family investment pools.
Truewind
Represented by CEO & CO-founder, Alex Lee
Based in San Francisco, Truewind develops an AI-powered accounting platform that automates routine tasks and streamlines monthly close processes with top-tier data security. Its AI agents handle data categorization, documentation, and client follow-ups, freeing accountants to focus on strategic work.
Trusted by firms like EisnerAmper and fast-growing companies such as Wefunder and Mozart Data, Truewind is backed by industry leaders including Thomson Reuters Ventures, Y Combinator, and Fin Capital.
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About Alex
Alex is the co-founder and CEO at Truewind, a San Francisco-based technology startup building AI-powered Accounting. Previously, he was an investor at Alliance Ventures and Schematic Ventures, where he invested in early stage industrial and mobility companies. An engineer by trade, Alex was an engineer at Boeing where he helped design the 777X aircraft. Alex received his MBA from Columbia University and BS in aerospace engineering from USC. He is an avid skier, basketball player, book reader, and outdoor enthusiast.
LemonEdge
Represented by CEO, Gareth Hewitt
LemonEdge is a next-generation fund accounting, management, and reporting software for private markets. Our state-of-the-art accounting engine is purpose-built for private markets firms battling complexity and searching for efficiency.
With event-driven transactions, multi-ledger management, and process automation, it makes the complex simple and the time-consuming efficient. Say goodbye to multi-entry, multi-ledger bookkeeping and countless offline processes—and hello to the future of fund accounting.
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About Gareth
Experienced Chief Executive Officer with a demonstrated history of working in the financial services computer software industry. Strong business development professional skilled in Software Industry, Software Development, Business Analysis, Sales Presentations, and Alternative Assets.
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Detailed Show Notes
Introduction (00:00 - 02:25)
Truewind – Alex Lee
Company Overview (05:30 - 07:03)
- Founded in November 2022, Truewind is an AI-powered digital staff accountant for accounting teams.
- Raised $17M in funding from key AI and fintech investors, including Thomson Reuters Ventures and Rho Capital.
- Works with 100+ clients, including EisnerAmper and Frank Rimerman.
Core Technology & AI Approach (07:20 - 14:53)
- Uses AI-powered automation to streamline bookkeeping, AP, AR, and financial reporting.
- Focuses on replacing manual data processing in spreadsheets with AI-driven insights.
- Key capabilities:
- Automated bank & credit card transaction categorization
- AI-driven reconciliation & forecasting
- Confidence scoring on AI categorizations (users review flagged transactions).
Integration & Implementation (15:09 - 19:55)
- Deep integrations with QuickBooks Online (100%) and Sage Intacct (95%).
- AI handles classification, reconciliation, and journal entries, while GL remains the source of truth.
- Implementation strategy:
- Phased AI rollout instead of instant deployment.
- 4-step onboarding process: training, configuration, live usage, and ongoing support.
- Unlimited office hours & support resources.
Future Roadmap & AI Expansion (43:11 - 46:01)
- Real-time financial dashboard for family offices.
- AI-powered financial forecasting & cash flow planning.
- AI assistant for accountants to detect upcoming expenses, preempt issues, and automate reporting.
LemonEdge – Gareth Hewitt
Company Overview (08:58 - 12:20)
- Specializes in fund and partnership accounting with a focus on complex multi-entity structures.
- Clients range from sub-$1B to $100B+, including Blackstone (investor & client).
- Developed to address legacy system inefficiencies by creating a modern, API-first, cloud-based platform.
Core Features & Differentiation (20:59 - 27:13)
- Highly configurable & API-based – no coding required for integrations.
- Automated transaction allocation across complex fund structures.
- Real-time look-through reporting to underlying assets and ownerships.
- Embedded algorithm engine for waterfall calculations & profit interest allocations.
- Auditable workflows – allows users to trace calculations & generate work papers for tax and audit teams.
Implementation & Data Migration (37:21 - 40:19)
- Flexible migration approach:
- Can replicate existing GL records or use new allocation methodologies.
- Supports quarter-by-quarter reconciliations to simplify transitions.
- Reduces reliance on manual adjustments & legacy CSV file transfers.
- Works with existing general ledgers (e.g., NetSuite, Sage) by pushing calculated results back into the client’s system.
Future Roadmap & AI Applications (46:36 - 49:26)
- Expansion into open-ended, hybrid, and credit funds.
- Development of self-hosted cloud solutions for smaller family offices.
- AI-powered automation in fund allocations, data extraction, and compliance tracking.
Key Takeaways
- Truewind is modernizing accounting workflows with AI-driven automation, reducing manual processing for family offices & accounting firms.
- LemonEdge is transforming partnership & fund accounting, offering real-time data allocations & embedded automation for complex wealth structures.
- AI-powered automation is becoming mainstream, accelerating month-end close, compliance, and reporting accuracy.
- 2025 trends will emphasize scalability, API-first integrations, and AI-driven insights to support family office needs.