Beyond the Ledger: Investing in Basis

2025 was undeniably the year of the software developer. Cheaper, faster inference enabled entirely new developer experiences, while long-context reasoning made it possible for AI tools to work effectively across entire repos and software systems. The underlying frontier models crossed a threshold where they could reason about software systems, not just predict text. As a result, today it’s unthinkable that a developer would manually write tests from scratch, refactor a codebase file by file, or scaffold a new feature by hand.

We believe a similar “Cursor moment” is coming for other professional categories - legal, healthcare, and the market that employs more licensed professionals than any other: accounting. Today we’re excited to lead a $100 million series B investment in Basis, the company transforming accounting for the age of AI. 

Our team has been intrigued by the accounting market for years. Accounting underpins every business in the world, yet the profession is stretched thin. Complexity keeps growing, driven by mounting regulation, global trade, and the sheer scale of modern economic activity. But, the workforce is shrinking. And despite decades of software investment, the core work of accounting remains almost entirely manual. 

The first time we met Matt and Mitch we found instant alignment around their vision: to build a new platform that can actually DO accounting work end-to-end. But bringing accounting firms into the AI age requires more than just ingesting documents or jamming a chat interface onto the ledger. Rather, Basis has built a platform that understands accounting holistically: it thinks the way an accountant would, conforms to the standards of each firm and client, and executes complicated multi-step processes with near-perfect accuracy. Basis customers tell us it has changed the way they operate, allowing accountants to focus on higher-value tasks and enabling their firms to take on more business.

Building this platform is no small technical feat. Today Basis has built frontier long-horizon agents that can run autonomously for hours; in the future we expect these agents to run for days or even weeks. Fulfilling this ambitious vision requires a deep understanding of accounting workflows, direct research coordination with the labs, and world-class engineering and research talent density. They’re building in the heart of NYC, and they’re hiring.

Accounting is the common language of economic activity. As Basis becomes the platform that powers it, we expect this will unlock multitudes more economic value downstream. We're excited to partner with Matt, Mitch and the talented Basis team as they bring the future of professional work to life.