TaxGPT, a man-made intelligence-powered assistant designed for accounting and tax companies, has secured US$4.6 million in funding.
The funding comes from Insurgent Fund, Mangusta Capital, Y Combinator, Launch, iSeed Ventures, Converge Fund, TRAC AI/VC Unicorn Fund, Goodwater Genesis, CRV Disrupt Fund, and Principal Enterprise Companions. Notable particular person buyers embody Kulveer Taggar, Jason Calacanis, and the co-founders of Truebill.
The funding shall be used to advance product improvement, broaden gross sales and advertising and marketing, and rent further engineering workers.
Analysis means that tax complexity prices Individuals US$260 billion yearly. Moreover, the business is anticipated to expertise vital workforce challenges, with over 75% of licensed public accountants (CPAs) projected to retire inside the subsequent decade and accounting graduate numbers declining at an unprecedented fee.
TaxGPT goals to simplify tax analysis and compliance for tax professionals, providing an AI-powered assistant that enhances productiveness by offering immediate responses to complicated queries, backed by human-verified sources.
The corporate was based in 2023 by Kashif Ali and Isabella Maceda-Ali, who encountered difficulties figuring out whether or not they need to file their taxes collectively or individually after being married for under two weeks within the earlier tax 12 months.
After spending half-hour looking for a solution, they determined to develop TaxGPT to enhance entry to tax data.
Initially meant for particular person customers, the device quickly gained curiosity from accounting companies and companies, main the corporate to shift its focus.
In the present day, TaxGPT assists with complicated tax queries, generates tax memorandums, and drafts responses to consumer emails and IRS notices inside seconds.
It’s presently utilized by greater than 10,000 CPAs, tax attorneys, and enrolled brokers, serving roughly 250,000 purchasers.
Kashif Ali, CEO and co-founder of TaxGPT, highlighted the affect of their work, stating:
“After going through this concern firsthand, we knew there was a necessity for a easy approach to give accounting companies and enterprise house owners fast solutions to complicated tax questions. With advances in GenAI, we have been capable of construct a platform that may streamline the time-consuming strategy of analysis, writing tax memos and responding to consumer emails and IRS notices.”
Featured picture credit score: edited from freepik
