Dec 17 (Reuters) - Artificial intelligence startup Basis

has raised $34 million in a Series A funding round for its

AI-powered accounting automation product, the company said on

Tuesday.

The round was led by Khosla Ventures. Other investors

included 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.

New York-based Basis is part of a category of AI startups

creating autonomous agents, or systems that use AI to perform

actions on their own. Executives in the field such as OpenAI CFO

Sarah Friar have said such systems will dominate the AI agenda

next year, as models have recently gotten to the point where

they can carry out long-term planning.

Basis' product, which they specifically sell to accounting

firms, is capable of performing various workflows such as

entering transactions and double-checking data accuracy, and

integrates with popular ledger systems like Intuit's

QuickBooks and Xero ( XROLF ), the company said.

Large accounting firms like Wiss, which employs 450

accountants, have seen up to 30% in time reduction from using

Basis, the company's CEO Matt Harpe told Reuters.

The product, which functions like a junior accountant,

allows staff accountants to spend their time reviewing the AI

agent's work, rather than doing the work manually, Harpe said.

Basis helps to solve the current critical shortage of

accountants, Khosla Ventures managing director Keith Rabois told

Reuters, as baby boomers retire and younger generations opt out

of the profession.

The sector employs over 3 million in the U.S., according to

the Bureau of Labor Statistics. But the number of candidates

sitting for the annual CPA exam decreased by 33% from 2016 to

2021, according to the Association of International Certified

Professional Accountants.

Global accounting firms have historically dealt with the

shortage by setting up shop in outsourcing hubs like India.

Accounting is also among the sectors most vulnerable to AI

disruption. A 2023 OpenAI paper concluded that large language

model-driven automation could impact 100% of accountants and

auditors' tasks.