Why We Invested in Basis

Why We Invested in Basis
Originally published by Nihar on LinkedIn here.

Thrilled to announce our partnership with Basis!

Better Tomorrow Ventures led a $3.6M seed round, joined by our friends at Avid Ventures and BoxGroup

We're excited to see founders Matt Harpe and Mitchell Troyanovsky build the primary financial intelligence layer for any company, globally.

Here's more on why we invested:

Basis is the “AI worker” for the finance industry, initially focused on accounting firms by helping accounting analysts with manual tasks, automating core accounting and tax processes, and reducing accounting/financial inaccuracies that come as a byproduct of human error.

With the “consumerization” of AI’s latest updates like OpenAI's ChatGPT product, the prospect of augmenting human professionals with an AI knowledge worker is now easier to visualize and respect as an eventuality. 

In fact, for professional industries that have intense human capital requirements, such as the accounting industry, embracing AI to help combat imbalances between the demand for talent and the lack of supply of new accountants/professionals is acutely top of mind. And so, Basis’s initial wedge as an AI worker for the accounting industry is a timely starting point and fits into the conversation with professional services firms naturally.

Accounting is the foundational layer of finance, governance, and commerce, globally. By using AI to innovate at this layer, Basis strengthens the ability of accountants and advisory professionals to offer clients best-in-class Tax, FP&A, and Corporate Finance advisory regardless of context and timeline.

At Better Tomorrow Ventures, we believe that incumbents, some close to 35 years in age, are due for disruption. Though network effects of incumbents run deep, the evolution of AI and recent sophistication in embedded fintech infrastructure creates an incredible opportunity for Basis to compete head on with legacy players.

Nihar is a Principal at BTV, which also runs The Mint, the pre-seed program for fintech founders. They accept applications and introductions on a rolling basis. Nihar was also Co-Founder of Wizely.