An artificial intelligence company chasing firms with billionaire clients has raised nearly $60 million.
Eton Solutions of Morrisville has closed a $58 million Series C round, a haul its executives say will bring Al-driven wealth management technology to family offices, private equity firms and funds.
Eton’s wealth management platform, which helps single and multifamily offices manage more than $1 trillion in assets, raised the sum from an investor group led by Navis Capital Partners, a private equity firm.
According to the company, Eton has quadrupled its revenue and expanded its client base by 340 percent across 15 countries. Chairman Satyen Patel said the company, which targets wealth management firms with billionaire clients, is already profitable, though he didn’t give revenue numbers.
“This allows us to do all the things we want to do to expand more aggressively internationally, as well as also enter new domains,” he said of the raise, noting that while family offices are the core of the company, recent expansion into the private equity space further expands the opportunity ahead.
Patel sees it as a “blue ocean” of opportunity, a sector that has yet to really utilize AI. “It’s pretty wide open territory with no clear leader.”
The new funding “gives us the opportunity to take the leader’s advantage,” Patel said.
Eton executives retain equity, and have participated in every funding round, he said. The company has 425 employees, 50 of whom are in the U.S., heavily concentrated in the Triangle. Patel sees aggressive international expansion in the firm’s future as it follows billionaires.
“Wealth management is the same everywhere in the world,” he said.
Twenty-four percent of its clients are international, a number Patel hopes to soon increase to 50 percent.
The strength of Eton’s platform lies in its integrated data model, “where all your wealth sits in one place.”
The secret sauce is the data, which includes both liquid and illiquid assets.
“Your houses, your corporate jets, your yachts … any kind of wealth… everything sits on our platform,” he said. “Then to super charge that with AI, it becomes even more powerful.”
A typical family office may have half a dozen or more different systems, he said. Eton can replace the bulk of those, giving offices an efficiency edge.
Eton itself spun out of Eton Advisors, whose founder, unable to find a comprehensive system, created his own. Patel said his team came on board with connections to capital, taking the platform to the next level.
Patel has a long history in entrepreneurship. In addition to being a former managing director at Nike, he was executive vice chairman of Cambridge Solutions, which dealt in finance and insurance. He also served as chairman of Prescient, a technology company formerly located in Durham that was trying to digitize construction.
Article By – Triangle Business Journal
