Basis demonstrates first AI to complete end-to-end tax return

Basis, the leading AI agent platform for accountants, has raised $100 million in Series B funding at a $1.15 billion valuation. The round was led by Accel (Miles Clements), along with GV (Google Ventures) and Lloyd Blankfein, and with Khosla Ventures (Keith Rabois and Vinod Khosla) and other existing backers doubling down.

Other investors include NFDG (Nat Friedman and Daniel Gross), Better Tomorrow Ventures, BoxGroup, Avid Ventures, Kris Fredrickson, Aaron Levie (CEO, Box), Adam D’Angelo (CEO, Quora; Board, OpenAI), Amjad Masad (CEO, Replit), Claire Hughes Johnson (Former COO, Stripe), Clem Delangue (CEO, HuggingFace), Eric Wu (Former CEO, Opendoor), Gautam Kedia (Former Head ML, Stripe), Jack Altman (Former CEO, Lattice), Jeff Dean (Chief Scientist, Google), Jeff Wilke (Former CEO, Amazon Consumer), Kyle Vogt (CEO, Bot Company), Noam Brown (Research, OpenAI), Scott Belsky (Former CSO, Adobe). Accel’s Miles Clements will join Khosla Ventures’ Keith Rabois on the board.

The accounting industry is undergoing unprecedented stress as decades-long talent shortages worsen and client expectations continue to grow. As a result, firms are experiencing significant margin pressure, staff are experiencing burnout, and firms are forced to turn away work.

Basis is now working with ~30% of the Top 25 accounting firms to address these challenges by deploying agents that complete complex accounting workflows end-to-end across their CAS, Tax, and Audit practices.

“What stands out about Basis is how deeply they think about architecting and deploying real agents that do real work in the real economy,” said Miles Clements, Partner at Accel. “Across multiple investments at the frontier of AI, we’ve seen the same pattern again and again: teams that get the fundamentals right tend to pull away quickly. Basis is years ahead in accounting AI, and we believe it has what it takes to define this category as it matures.”

Similar to popular AI coding platforms, Basis’ approach entails building “long-horizon” agents that autonomously work on complex accounting workflows over many hours to deliver accurate results. Basis works closely with the leading foundation labs to deliver accounting firms these state-of-the-art outcomes.

“Basis is on the frontier of building production-grade, long-horizon agents. They've pushed the limits of what we thought our models could do on real-world, economically valuable, complex accounting tasks. They've been a great collaborator in helping us shape what the future of agents looks like,” said Prashant Mital Applied AI Lead, OpenAI.

These agents operate continuously in the background, coordinating tasks across accounting processes and returning completed deliverables for review. The company recently demonstrated the first AI agent to autonomously complete an end-to-end 1065 tax return.

“Basis is already radically changing how work gets done at the best firms, driving 20-50% efficiencies across practices. In 2026, we expect Basis to drive the same step-change in accounting that software engineering saw in 2025,” said Vinod Khosla of Khosla Ventures.

Basis is also taking a novel, agent-native approach inside the company, with a dedicated team called Atlas, responsible for building internal agents across engineering, sales, talent, etc.

“Basis is building the agent-native organization of 2030. We have too much to do in too little time, and are executing with rare clarity and speed,” said Keith Rabois Managing Director, Khosla Ventures.

Basis will use the capital to accelerate development of the platform as they continue building the most advanced agents to perform increasingly complex workflows, and to expand the company’s engineering and ML teams.

“Our sole focus is to equip accountants with the highest performing, most accurate AI for accounting and to empower firms to drive new growth, provide higher-value service, and improve accountant quality of life across every one of their practices,” said Matt Harpe, CEO and Co-Founder of Basis.

About Basis

Basis is the leading AI agent platform for accountants, providing accountants with a team of AI agents that understand accounting, learn specific client needs, work independently, and take real actions. Accounting teams integrate Basis as part of their team, delegating core workflows and automating time-consuming, manual work.

Basis was founded by Matthew Harpe and Mitchell Troyanovsky and is backed by investors including Khosla Ventures, Accel, BTV, NFDG, Box Group, and others.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260224020999/en/

"Basis is years ahead in accounting AI, and we believe it has what it takes to define this category as it matures.”