Basis, a New York-based startup that provides AI software for accounting firms, has secured $34 million in Series A funding.
Investors
The round was led by Khosla Ventures, with additional contributions from Better Tomorrow Ventures, BoxGroup, Avid Ventures, and NFDG, along with angel investors such as Google's Chief Scientist Jeff Dean.
Khosla Ventures, founded in 2004 and based in Menlo Park, California, is a venture capital firm that supports entrepreneurs in AI, sustainability, enterprise, consumer, health, and frontier technologies. With over $15 billion in assets under management (AUM), the firm invests in early- to growth-stage companies, focusing on bold, transformative technologies.
Basis Use of Funds
The company will use the funding to expand the team and accelerate product development.
About Basis
Basis develops artificial intelligence software designed to automate and streamline accounting tasks for accounting firms. Its platform uses AI to handle repetitive tasks such as data entry, error-checking, and adapting financial reports to meet client-specific needs. The platform accesses ledger data through integrations with popular accounting applications. Basis' technology is already being used by several of the top 100 accounting firms in the U.S.
Funding Details
Company: Essex Labs Inc.
Raised: $34.0M
Round: Series A
Funding Date: December 2024
Lead Investor: Khosla Ventures
Additional Investors: Better Tomorrow Ventures, BoxGroup, Avid Ventures, NFDG
Company Website: https://www.getbasis.ai/
Software Category: AI Accounting
Source: https://siliconangle.com/2024/12/17/ai-powered-accounting-startup-basis-raises-34m-funding/