Addepar raises $140 million so more of the ultra rich can know exactly what they’re doing with their money

Addepar, the provider of data collection and monitoring services for the financial industry (it’s Palantir’s somewhat less ethically compromised cousin), has raised a whopping $140 million in its latest round of funding.

The company’s financing, which likely makes it a unicorn if it wasn’t already (company chief executive Eric Poirier refused to comment on the valuation), will be used to continue Addepar’s expansion internationally and to fuel more moves like its acquisition of AltX earlier this month.

Co-led by Valor Equity Partners, 8VC and QuantRes founder Harald McPike, the funding caps a ridiculously successful year-and-a-half run which saw the company more than double its assets under management to $650 billion from $300 billion.

“Addepar is now poised to become the universal operating system to power global finance,” said Addepar, Palantir and 8VC founder Joe Lonsdale. “It has already connected much of the financial services ecosystem as the leading platform for the highest caliber of asset owners and advisors, capturing and aggregating data from numerous sources and helping to apply it in the most intuitive and impactful ways.”

Think of Addepar as the tool that gives portfolio managers for the world’s super rich a way to see exactly what those super rich own.

According to a 2016 Wealth-X report, ultra-high-net worth individuals hold roughly $30 trillion dollars in assets globally. By comparison, the sovereign wealth funds of the world hold about $6.3 trillion.

Setting aside how completely and totally screwed we are as a species based on that information, Poirier told me that the money managers for those ultra-high-net worth individuals have very little insights into the assets that those multi-millionaires and billionaires actually own.

That’s the service that Addepar provides, giving folks insight into the wealth of the 0.01 percent. But Poirier wants to bring those tools and that insight to a broader group of pension funds and sovereign wealth funds so they can make better decisions on how to manage money for the pensioners they ostensibly support.

That was the reason that Antonio Gracias, the founder, managing partner and chief investment officer joined the company, Poirier said.

Gracias is known for investing in most of Elon Musk’s companies, and serves as a director at Tesla Motors, Space Exploration Technologies and Marathon Pharmaceuticals.

“The idea of a common language and a truly universal data platform for the financial services world is something Wall Street 10 years ago could never have imagined,” said Gracias in a statement. “Addepar has not only imagined it, but achieved it, pioneering a fast growing new market that will revolutionize the way data drives finance.”

Data collection and visibility isn’t just going to be the purview of Addepar alone. And to ensure that the company’s tools can reach the widest audience, Addepar opened an API and has integrated its data mining and analytical toolkit into products for Salesforce, FolioDynamix, icapital Network, Citco Fund Services, RedBlack Software, Blas Portfolio, Quovo and others.

“We’ve aligned Addepar’s business, product and technology strategy to enable a new level of innovation and connection across the financial services industry. We’re playing the long game,” said Poirier in a statement.