Luminary, an artificial intelligence (AI) platform aimed at helping financial and legal professionals manage wealth transfers, has raised $22 million in a Series A funding round led by Ten Coves Capital as demand grows for technology to handle increasingly complex estate planning.
The financing brings Luminary’s total funding to nearly $32 million, the company said.
BNY and 8VC, which led Luminary’s $9.5 million seed round in 2023, also participated, along with existing investors including Fin Capital, Focus Financial Partners, Rockefeller Capital Management’s FinTech Innovation Fund, and several family offices.
Luminary is targeting a problem that has become more significant as large pools of wealth move between generations: much of the information needed for estate and wealth-transfer planning remains locked in PDFs, spreadsheets, and other static documents.
The company uses AI with human oversight to convert those documents into structured, source-verified data that can be used by financial advisers, trust companies, law firms, and accounting firms.
Luminary’s platform supports client assets totaling more than $500 billion, with customers including wealth managers Caprock, IEQ Capital, and Wealth Enhancement Group, as well as tax advisory practices, law firms, and trust companies.
The company said the new capital will be used to expand its AI capabilities and integrations, develop additional administration workflows, and grow its commercial team.
Founder and Chief Executive David Barnard said the company was created around the view that wealth transfer should be treated as an ongoing service rather than a single transaction.
That approach is becoming more relevant as advisers seek to provide high-net-worth clients with tax planning, trust and entity structuring, estate administration, and other services over longer periods, rather than limiting their role to investment management.
Luminary’s technology includes tools that analyze estate documents for planning opportunities, identify missing information, and provide an overview of a client’s estate.
Its platform also supports tax calculations, scenario modeling, and visualizations showing how different estate-planning decisions could affect beneficiaries.
The company said its deterministic tax engine calculates federal, state, inheritance and asset taxes, while its estate waterfall tool allows advisers to model potential outcomes under different legacy-planning scenarios.
The funding comes as wealth-management firms increasingly look to technology and automation to expand services to affluent clients without adding the same level of administrative work.
Ten Coves founder and managing partner Steve Piaker said the firm sees a large opportunity as wealth moves from one generation to another and advisers need better information and tools to support families through the process.
Luminary’s pitch also reflects a broader shift in wealth management, where technology companies are seeking to automate work traditionally dependent on manual document review and institutional knowledge.
8VC founder and managing partner Joe Lonsdale said estate and trust planning has historically relied heavily on spreadsheets, PDFs, and knowledge held within institutions.
For Luminary, the opportunity extends beyond extracting information from documents. The company is positioning its platform as a data layer connecting estate information with reporting, tax analysis, scenario modeling, and ongoing trust administration.
Barnard said the company sees tax and wealth-transfer planning as an increasingly important source of value for high-net-worth clients as investment and banking products become more widely available.
Luminary said its customers use the platform to standardize reporting, identify planning opportunities and track the impact of tax strategies across their client bases.
It is also designed to allow multiple parties involved in a family’s financial affairs to collaborate around a common set of verified information.
The latest financing gives Luminary additional capital to expand that model as the transfer of wealth between generations creates demand for more scalable estate-planning and administration services.