AI accounting startup Basis announced a $34 million Series A funding round, led by Khosla Ventures with participation from prominent investors like Nat Friedman, Daniel Gross, and OpenAI board members Larry Summers and Adam D’Angelo. The company aims to solve the growing complexity of accounting workflows through AI-powered agents that automate repetitive tasks.
Key Points
- Basis develops AI agents that handle accounting workflows such as data entry and error detection, specifically tailored for professional accountants.
- Early deployments with top accounting firms have shown time savings of up to 30%, addressing labor shortages caused by a decline in new accountants.
- The funding will accelerate hiring and product development as Basis scales its technology for broader adoption.
Accounting has long been the unsung backbone of modern economic systems, but the profession is under immense strain. Firms are juggling increasing complexity while facing a talent crunch: experienced accountants are retiring, and fewer candidates are entering the field. Basis, a New York-based AI startup, believes the answer lies in AI agents that can shoulder routine accounting work, freeing up accountants to focus on higher-level analysis.
Unlike conventional tools, Basis’s AI agents are designed to adapt to specific client workflows and act autonomously, not just provide recommendations. CEO Matt Harpe describes the agents as “juniors on the team,” capable of entering transactions, validating data, and reporting results—tasks that traditionally consume significant hours for firms managing hundreds of accounts. The software integrates with popular ledger platforms like QuickBooks and Xero, allowing accountants to seamlessly incorporate Basis into their existing systems.
The technology has already proven its value. New Jersey-based accounting firm Wiss, one of Basis’ early adopters, reported a 30% reduction in time spent on manual tasks. This efficiency comes at a critical moment for the profession. The U.S. Bureau of Labor Statistics notes that the accounting sector employs over 3 million people, yet the number of CPA candidates dropped 33% between 2016 and 2021. Khosla Ventures partner Keith Rabois highlights that Basis can alleviate the pressures caused by this labor shortage.
The funding round saw contributions from influential industry leaders, including former GitHub CEO Nat Friedman, AI entrepreneur Daniel Gross, and angel investors like Jeff Dean from Google. Basis will use the capital to expand its team and refine its product, investing in training and fine-tuning the AI models that power its platform.
The accounting profession is also particularly susceptible to AI disruption. A 2023 OpenAI study estimated that AI automation could impact nearly 100% of accounting tasks. However, Basis positions its solution as a tool for collaboration, not competition. The company exclusively sells to accounting firms, aiming to empower professionals rather than replace them.
Basis enters a growing market for AI-driven financial tools. Competitors like DataSnipper ($100M Series B) and Numeric ($28M Series A) have also raised significant funding this year, as firms look to AI to handle the increasing scale and complexity of accounting work. But Basis’ focus on autonomous agents, as opposed to passive software, could set it apart.
“AI is kicking off a new industrial revolution that will transform every sector,” Basis wrote in a blog post announcing the funding. “We believe accounting is among the most important and foundational—and might happen the fastest.”s.