Basis Raises $34 Million for AI Accounting

AI startup Basis has raised $34 million in a Series A funding round led by Khosla Ventures, with participation from notable investors including Nat Friedman and OpenAI board members. The company aims to automate accounting tasks through AI agents, allowing accountants to focus on higher-level work and addressing a significant labor shortage in the industry. Early deployments, such as with the firm Wiss, have reported up to 30% time savings in task completion. Basis' technology integrates with popular accounting software like QuickBooks and Xero, enhancing efficiency. The funding will be used to accelerate product development and hiring as Basis scales its operations. As the accounting profession faces demographic challenges, including a decline in CPA candidates, Basis's innovations may provide a crucial solution to the sector's evolving needs.