Eton Solutions, a Morrisville-based wealth management platform used by family offices to manage more than $1 trillion in assets, raised $58 million in a Series C round.
The lead investor is Kuala Lumpur, Malaysia-based Navis Capital Partners, a private equity firm that manages more than $5 billion in investments.
In the past three years, Eton has more than quadrupled its revenue and expanded its client base by 340% across 15 countries. The company’s AtlasFive platform is used by more than 800 of the world’s wealthiest families. Eton employs 425 people and has invested $50 million in product development over the past decade. Fifty work at Eton’s Morrisville office.
According to a release, the company has made significant investments in artificial intelligence and expanded features for its services. It now manages more than 205,000 investments, $65 billion in annual bill payments and processes 14 million annual transactions.
The company will use the funding to fuel product innovation and AI development, the company said.
Eton Solutions was co-founded by CEO Rob Mallernee, who has previously started a Chapel Hill-based multi-family office, Eton Advisors. He had been head of the UBS Multi-Family Office Group and founding principal of the US Trust Multi-Family Office.
Eton Solutions cited a Deloitte study showing the number of single-family offices increased to 9,030 last year. They manage an estimated $3.1 trillion in assets.
“Our total addressable market is increasing every year, and our technology is expanding to meet it,” said Satyen Patel, executive chairman at Eton Solutions, said in a release. “Our focus as we enter our second decade is reimagining how wealth managers across the board manage liquid and alternative investments for their clients – whether one or many. This investment will let us super-charge our expansion to meet the growing markets and their demand for AI-driven efficiencies that create even more value.”
Patel is a former managing director at Nike, executive vice chairman of Cambridge Solutions, and former chairman of Prescient, a construction-technology company formerly located in Durham.
Eton’s platform “has become essential infrastructure for managing complex wealth at scale. We’re excited to continue supporting their growth and innovation, said Rajendra Pai, partner at Navis Capital Partners.
David Mildenberg is editor of Business North Carolina. Reach him at dmildenberg@businessnc.com.