Basis, the US AI-for-accounting startup founded in 2023, has achieved unicorn status with a $1.15 billion (€1.05 billion) valuation following a $100 million (€91.7 million) funding round. Venture capital firm Accel led the investment, joined by GV (formerly Google Ventures) and former Goldman Sachs Group chief executive Lloyd Blankfein, alongside existing backers including Khosla Ventures.

Bloomberg reported that Basis provides AI agent technology to accounting firms to help complete tasks including preparing financial statements, filing tax returns, and tracking expenses. The platform is used by approximately 30 per cent of the top 25 accounting firms and 20 per cent of the top 150 firms.

Matt Harpe, chief executive of Basis, said the company aims to supplement the accountant shortage in the US and elevate the kinds of work human accountants can do. If routine tax returns and financial statements are automated, accountants can focus on higher-level work, helping clients make key decisions on tax strategies and capital allocations.

Co-founder Mitchell Troyanovsky said: "Coding agents can write a lot of code now. That doesn't mean we're hiring fewer engineers — we're actually hiring more engineers."

Basis focuses on building long-horizon agents that can work on complex accounting tasks for hours or even days. The company works with OpenAI, using the AI giant's models to tackle increasingly complicated workflows.

The startup recently built the first AI agent that can autonomously complete a partnership tax return, a complicated filing requiring accountants to produce individualized tax documents for every partner in a business and track custom profit-sharing arrangements.

Discover how Basis is using AI technology to transform accounting workflows and address the profession's talent shortage.