July 10, 2025:
Abacus AI Streamlines Accounting with $6.6M Boost - Abacus AI Inc., founded by Stanford engineers Cody and Brandon Sugarman, raised $6.6 million to boost accounting efficiency using AI assistants. Their platform automates data entry, collection, and reconciliation, streamlining CPA workflows. This addresses industry challenges like declining staff and rising client demands, seeking to replace offshore solutions.
Menlo Ventures led the seed round, emphasizing the urgent need for AI in accounting as retirements approach. Abacus aims to save time and reduce costs, revolutionizing tax preparation for accounting firms.
