Luminary Raises $22 Million to Power the Data Infrastructure Behind Wealth Transfer
Luminary, an AI-native wealth transfer and administration platform, announced it has raised $22 million in Series A funding. The round was led by Ten Coves Capital, a growth-equity firm focused on B2B software and fintech. Other participants included BNY, 8VC—Luminary's lead investor from its $9.5 million seed round in 2023—along with previous investors Fin Capital, Focus Financial Partners, Rockefeller Capital Management's FinTech Innovation Fund, and several family offices. This funding brings Luminary's total funding to nearly $32 million.
Founded and led by CEO David Barnard, Luminary aims to redefine wealth transfer as an ongoing set of services rather than a one-time event. The platform facilitates wealth, tax, and legal advisors in providing continuous guidance on tax-efficient wealth transfer strategies and trust administration for high-net-worth families. The newly acquired funds will assist in enhancing Luminary's AI capabilities, expanding administration workflows, and bolstering its commercial team to address the growing demand in the wealth management sector.
"We started Luminary to democratize the kind of advice and service previously accessible only to a select few family-office clients," Barnard stated. He emphasized that the current era of AI presents an opportunity to overcome past data and collaboration challenges that have hindered personalized wealth transfer planning. Barnard expressed gratitude for the support from investors who share the company's vision for enhancing client relationships and growth in the future.
Joe Lonsdale, founder and managing partner at 8VC, noted the discrepancy between the current wealth transfer tools and the complexities of wealth management. He highlighted that Luminary's platform provides essential infrastructure for advisors as families transition from accumulating wealth to establishing legacies.
Luminary's platform supports client assets exceeding $500 billion and serves a range of establish firms in the high-net-worth wealth management ecosystem, including Caprock, IEQ Capital, and Wealth Enhancement Group. The platform utilizes human-in-the-loop AI to transform static documents into structured data, offering various features for visualization, reporting, and estate planning.