The startup Basis, which operates in the space of the artificial intelligence industry, on Tuesday, December 17, announced that it managed to raise investments for $34 million as part of the Series A funding round.
The mentioned startup intends to use the money received for its artificial intelligence-powered accounting automation product.
The funding round was led by Khosla Ventures. NFDG, the AI-focused fund run by former GitHub CEO Nat Friedman and former Apple executive Daniel Gross, OpenAI board members Larry Summers and Adam D’Angelo, and Google’s chief scientist Jeff Dean also participated in the relevant process.
Basis, based in New York, belongs to the category of artificial intelligence startups that develop autonomous agents or systems that use AI to perform actions on their own. Industry representatives claim that the mentioned functional systems will dominate the machine intelligence agenda next year. Artificial intelligence models have gotten to the point where they can carry out long-term planning.
The product from Basis, which the startup sells to accounting companies, is capable of performing various workflows, including entering transactions and double-checking data accuracy, and integrates with popular ledger systems like Intuit’s QuickBooks and Xero.
The startup helps to solve the problem of the critical shortage of accountants, as baby boomers retire and younger generations opt out of the profession. The corresponding statement was made by Khosla Ventures managing director Keith Rabois during communication with media representatives.
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