Silicon Valley’s Elite Bets $34M That AI Agents Will Replace Entry-Level CPA Jobs

Basis, a New York-based startup developing autonomous AI agents for accounting firms, has raised $34 million in Series A funding to transform how accountants work. The round was led by Khosla Ventures, with participation from an all-star roster of investors including OpenAI board members Larry Summers and Adam D’Angelo, and Google’s chief scientist Jeff Dean.

The company’s AI platform acts as a “junior accountant,” automating repetitive tasks like transaction entry and data verification while integrating with popular systems like QuickBooks and Xero. What sets Basis apart is its use of specialized language models built specifically for accounting, allowing its autonomous agents to handle complex workflows with minimal human oversight.

The platform has already demonstrated significant impact in the field. According to Reuters, Khosla Ventures managing director Keith Rabois emphasized how Basis addresses a critical industry challenge:

“Basis helps to solve the current critical shortage of accountants,” Rabois told Reuters, pointing to the growing gap as “baby boomers retire and younger generations opt out of the profession.”

The timing couldn’t be better. The number of CPA exam candidates dropped 33% between 2016 and 2021, according to the Association of International Certified Professional Accountants. Meanwhile, the U.S. accounting sector employs over 3 million people, creating massive opportunities for automation.

Early results are promising. Firms like New Jersey-based Wiss, which employs 450 accountants, have seen up to 30% reduction in time spent on manual tasks since implementing the platform. Rather than spending hours on data entry and verification, accountants can focus on reviewing the AI’s work and providing strategic guidance to clients.

The investment comes amid growing interest in AI-powered accounting tools, with companies like DataSnipper raising $100 million for auditing automation and Numeric securing $28 million for AI-driven financial analysis. A 2023 OpenAI paper suggested that large language models could potentially impact all accounting and auditing tasks.

The company plans to use the funding to expand its team and accelerate product development, particularly around training specialized AI models for accounting use cases. With a growing customer base among top 100 U.S. accounting firms, Basis appears well-positioned to lead the AI transformation of the accounting industry.