Basis, an AI agent platform for accountants, has raised $100m in a Series B round, putting the company’s valuation at $1.15bn (S$1.45bn).

The financing was led by Accel, with partner Miles Clements involved in the deal.

Google Ventures (GV) and former Goldman Sachs chief executive Lloyd Blankfein also participated, alongside Khosla Ventures and other investors.

Basis positions its technology as a response to mounting pressure on accounting practices, citing long-term staff shortages and growing client demands.

The company develops AI agents that can interpret accounting data, learn specific client requirements, operate autonomously and then provide deliverables for review.

Basis added that it is now working with 30% of the top 25 accounting companies.

Accel partner Miles Clements said: “What stands out about Basis is how deeply they think about architecting and deploying real agents that do real work in the real economy.

“Across multiple investments at the frontier of AI, we have 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.”

Basis plans to use the new funding to speed up development of its platform, aiming to build more advanced agents capable of handling increasingly complex workflows. It also plans to grow its engineering and machine learning teams.

The company has also created an internal team, called Atlas, which is focused on building agents to support its own operations in areas such as engineering, sales and talent.

Basis co-founder and CEO Matt Harpe added: “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.”