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About Basis AI
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 strong encryption 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 focuses exclusively on the financial sector and emphasizes client control over data, guaranteeing that no banking information is stored or shared with third parties. The company operates on a subscription-based model, allowing clients to integrate its encryption solutions seamlessly into their existing systems through secure APIs. The goal of Basis is to enhance data security and privacy for financial institutions in a digital landscape.
Simplify's Take
What believers are saying
- Increased demand for encryption as financial institutions prioritize cybersecurity.
- Growing interest in zero-trust models aligns with Basis's secure API focus.
- EU's DORA will boost demand for Basis's robust encryption solutions.
What critics are saying
- Competition from AI-driven accounting solutions may divert focus from encryption services.
- Expansion into AI accounting could dilute Basis's brand identity in encryption.
- In-person collaboration focus may limit talent acquisition to NYC area.
What makes Basis AI unique
- Basis offers automated data encryption with industry-standard methods like AES 256 and HMAC.
- The platform uses secure APIs with revocable tokens for seamless data integration.
- Basis ensures client data privacy, never sharing or storing banking information.
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Funding
Total Funding
$37.6M
Above
Industry Average
Funded Over
2 Rounds
BoxGroupIndustry standards
Benefits
Company Equity
Growth & Insights and Company News
6 month growth
↓ -7%1 year growth
↑ 30%2 year growth
↑ 52%Basis, a company based in NYC, has raised $34 million to scale its AI-driven accounting solutions. Experiencing rapid growth, Basis has partnered with major accounting firms, achieving a 10x revenue increase in the past five months. Supported by investors like Keith Rabois from Khosla Ventures, Nat Friedman, and Daniel Gross, Basis is expanding its team to meet high demand, offering significant responsibility and ownership opportunities. The company emphasizes in-person collaboration in its NYC office.
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
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.
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
Basis, an AI platform for accounting firms, has emerged from stealth with a $3.6 million seed round led by Better Tomorrow Ventures.
Basis AI is Hiring for 12 Jobs on Simplify!
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About Basis AI
Industries
Fintech
Cybersecurity
Company Size
11-50
Company Stage
Series A
Total Funding
$37.6M
Headquarters
New York City, New York
Founded
2023
Basis AI is Hiring for 12 Jobs on Simplify!
Find jobs on Simplify and start your career today