A vendor that provides AI for accountants has achieved unicorn status after its latest funding round.
New York City based Confirmed It is now valued at $1.15 billion following a $100 million Series B round.
The round was led by Silicon Valley venture capital firm Accel, with also support from GV (formerly Google Ventures), ex-Goldman Sachs CEO Lloyd Blankfein, and venture capital firm Khosla Ventures.
Basis was founded in 2023, after it closed a $3.6 million seed round. $34 million Series A round in December 2024.
The vendor’s product offering focuses on agentic AI systems that can offer end-to-end automation across several key areas for accounting businesses, including client account services, taxation, and auditing. These can assist with tasks such as tracking expenses, completing tax returns, and preparing financial statements.
Basis compares its approach to the general approach Agentic Coding Platform. It creates “long-horizon” agents that work autonomously on complex tasks for many hours, using models from labs like OpenAI to deliver accurate results.
Prashant Mittal, applied AI lead at OpenAI, said in a release that BASIS “pushed the limits of what we thought our models could do on real-world, economically valuable, complex accounting tasks.”
Among Basis’ recent developments was the successful automated completion of 1065 tax returns, which requires an accountant to prepare individual tax documents for all partners in a business.
Increasing use of AI in accounting It is becoming a necessity, with the industry suffering from what Basis describes as a “decade-long” talent shortage. Fewer students than ever are training to become accountants, causing many companies to lose work, putting pressure on existing staff and squeezing margins.
According to Matt Harp, CEO of Basis, the company is focusing on addressing these shortcomings to ensure that its human employees can focus on the most important work, such as providing strategic advice to clients.
“Our sole focus is to equip accountants with the highest performing, most accurate AI for accounting and empower companies to drive new growth, deliver high-value service, and improve the quality of life of accountants in each of their practices.”
Basis says it already works with about 30% of the top 25 accounting firms and will use the latest injection of capital to accelerate the development of its platform and strengthen its engineering and machine learning teams.
