Basis AI

Basis AI

Automated data encryption solutions for fintech

About Basis AI

Simplify's Rating
Why Basis AI is rated
C
Rated D+ on Competitive Edge
Rated B on Growth Potential
Rated C on Rating Differentiation

Industries

Fintech

Cybersecurity

Company Size

11-50

Company Stage

Series A

Total Funding

$37.6M

Headquarters

New York City, New York

Founded

2023

Overview

Company Does Not Provide H1B Sponsorship

Basis provides automated data encryption solutions specifically designed for financial institutions such as banks and investment firms. Its main product is an encryption platform that automatically encrypts data at rest, using industry-standard methods like AES 256 and HMAC to protect sensitive information from unauthorized access. Additionally, Basis secures data transmission with HTTPS and TLS, ensuring that data remains safe during transfer. Unlike many competitors, Basis operates on a subscription-based model, allowing clients to integrate its services through secure APIs while maintaining full control over their data. The company's goal is to enhance data security and privacy for financial entities, ensuring that client information is never shared or stored without consent.

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Significant Headcount Growth
Simplify Jobs

Simplify's Take

What believers are saying

  • Growing demand for secure data encryption as financial institutions digitize operations.
  • Subscription-based model aligns with industry trends, offering predictable revenue streams.
  • API-driven integrations support Basis's approach, enhancing seamless encryption solution integration.

What critics are saying

  • Increased competition from AI-driven accounting platforms may divert focus from encryption services.
  • Rapid AI evolution in accounting could shift market demand away from encryption.
  • Modernizing legacy systems may delay integration of Basis's encryption solutions.

What makes Basis AI unique

  • Basis offers automated data encryption tailored for financial institutions' unique security needs.
  • The platform uses industry-standard encryption methods like AES 256 and HMAC for robust protection.
  • Basis provides secure APIs with revocable tokens, ensuring seamless integration into existing systems.

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Funding

Total Funding

$37.6M

Above

Industry Average

Funded Over

2 Rounds

Notable Investors:
Series A funding typically happens when a startup has a product and some customers, and now needs funding to scale. This money is usually used to grow the team, expand marketing, and improve the product. Venture capital firms are frequently the main investors here.
Series A Funding Comparison
Above Average

Industry standards

$15M
$8.2M
Discord
$15M
Canva
$30M
Kalshi
$34M
Basis AI

Benefits

Company Equity

Growth & Insights and Company News

Headcount

6 month growth

0%

1 year growth

33%

2 year growth

71%
PYMNTS
Dec 19th, 2024
This Week In B2B: New Year, New Back-Office Innovations

The B2B payments landscape is at a pivotal juncture as 2025 approaches.On one hand, the imperative to digitize and integrate payment processes has never been more pressing. On the other, legacy systems and entrenched processes pose significant obstacles, creating a delicate balancing act for businesses striving to modernize.Understanding these dueling imperatives is key to navigating the future of B2B payments, as organizations grapple with how to innovate without compromising existing workflows.Success may depend on embracing a strategic approach that balances the need for innovation with the realities of legacy infrastructure. By tackling modernization incrementally, leveraging partnerships and fostering a culture that champions change, businesses can work to chart a path forward that helps ensure both operational excellence and future readiness.After all, it wouldn’t be a B2B new year without something old and something new.The Digitization and Integration of B2B Payment ProcessesThe digital transformation of payment processes offers unparalleled opportunities for efficiency. Manual processes, still prevalent in many B2B transactions, are fraught with delays and errors. Digitized systems, by contrast, enable real-time payments, automated reconciliation, and streamlined approvals, reducing operational friction and enhancing cash flow visibility.There are two sides to any commercial transaction. Within B2B, buyers and suppliers find one another and agree on terms, funds flow, and accounts payable and receivable departments interact

SiliconANGLE
Dec 17th, 2024
Basis raises $34M for AI accounting

Basis, an AI-powered accounting startup, has raised $34 million in a Series A funding round led by Khosla Ventures, with participation from Better Tomorrow Ventures, BoxGroup, Avid Ventures, and NFDG. Angel investors include Google Chief Scientist Jeff Dean. Basis aims to enhance accountant productivity by automating repetitive tasks. The funding will support hiring and product development. The platform is already used by several top 100 U.S. accounting firms.

PYMNTS
Jun 27th, 2024
Accounting Industry Ripe For Genai Integration, Andreessen Horowitz Says

Artificial intelligence (AI) is poised to change the accounting industry, according to a new report from venture capital firm Andreessen Horowitz. As large language models (LLMs) continue to advance, AI is becoming a crucial component in various sectors, with accounting firms particularly eager to harness its potential to enhance efficiency and manage increasing workloads. The integration of AI in accounting is not surprising. Bookkeeping, tax preparation, and auditing involve repetitive tasks that can benefit from AI. The accounting profession faces a dual challenge: an aging workforce and a decline in new entrants. The report states, “75% of CPAs could retire in the next 10 years.” Additionally, the decreasing number of students completing accounting degrees in the U.S

FF News
Oct 18th, 2023
Basis Secures $3.6 Million to Bring AI to Accounting Firms - Fintech Finance

Basis, an AI platform for accounting firms, has emerged from stealth with a $3.6 million seed round led by Better Tomorrow Ventures.

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