By Anna Tong
(Reuters) – Synthetic intelligence startup Foundation has raised $34 million in a Sequence A funding spherical for its AI-powered accounting automation product, the corporate stated on Tuesday.
The spherical was led by Khosla Ventures. Different traders included NFDG, the AI-focused fund run by former GitHub CEO Nat Friedman and former Apple govt Daniel Gross, OpenAI board members Larry Summers and Adam D ‘Angelo, in addition to Google’s chief scientist, Jeff Dean.
Foundation, based mostly in New York, is a part of a category of AI startups creating autonomous brokers, or techniques that use AI to carry out actions on their very own. Leaders within the discipline, reminiscent of Sarah Friar, OpenAI’s chief monetary officer, have stated such techniques will dominate the AI agenda subsequent yr as a result of the fashions have lately gotten to the purpose the place they’ll do distant planning. long run.
Foundation’ product, which they promote particularly to accounting companies, is able to performing numerous workflows reminiscent of transaction entry and double-checking knowledge accuracy, and integrates with standard ledger techniques reminiscent of QuickBooks and Intuit’s Xero, the corporate stated.
Massive accounting companies like Wiss, which employs 450 accountants, have seen a time discount of as much as 30% from utilizing Foundation, the corporate’s CEO Matt Harpe advised Reuters.
The product, which capabilities like a junior accountant, permits salaried accountants to spend their time reviewing the AI agent’s work, relatively than doing the work manually, Harpe stated.
Foundation helps to deal with the present crucial scarcity of accountants, Khosla Ventures chief govt Keith Rabois advised Reuters, as child boomers retire and youthful generations go away the career.
The sector employs greater than 3 million folks in america, in keeping with the Bureau of Labor Statistics. However the variety of candidates taking the annual CPA examination declined 33% between 2016 and 2021, in keeping with the Affiliation of Worldwide Licensed Skilled Accountants.
World accounting companies have all the time confronted shortages by establishing operations in outsourcing hubs like India.
Accounting can be among the many industries most weak to AI disruption. A 2023 OpenAI paper concluded that automation based mostly on large-scale language fashions may influence 100% of accountants and auditors’ duties.
(Reporting by Anna Tong in San Francisco; Enhancing by Invoice Berkrot)
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