AI-Powered Accounting Software Filed Raises $17.2 Million to Disrupt Tax Industry

A new accounting software, Filed, has secured a significant $17.2 million funding to revolutionize the tax industry. The company, led by co-founder and CEO Leroy Kerry, aims to streamline and automate tax processes using advanced AI technology. Kerry expressed concern about the shortage of professionals in the tax industry and the overwhelming paperwork CPAs face.

To address these challenges, Filed employs AI to read documents, apply tax strategies, and integrate data into existing software systems. The software also identifies scenarios requiring human input, ensuring a balance between automation and human control. Compared to other players in the market, Filed distinguishes itself by offering AI specifically tailored for tax workflows and seamless integration with existing software systems. Notably, the funding round was led by venture firm Northzone, with participation from Day One Ventures and Neo.

Kerry's journey to success, from his upbringing in South London to his current role as CEO, reflects his determination and resilience. With the fresh capital, Filed plans to expand its team and hire more tax engineers, aiming to establish itself as the foundational AI infrastructure for the tax industry. Kerry envisions transforming various aspects of the industry, including client collaboration, document management, and audit preparation. This funding marks the beginning of Filed's mission to revolutionize the tax industry with AI, signaling a significant shift in the sector's technological advancement.