Former Bench Accounting CEO Ian Crosby is returning to the field of accounting automation. His new startup, Synthetic, aims to create a fully autonomous AI accountant capable of generating financial reports without human intervention. This is reported by Techcrunch.com reports.
Despite the product still being in the design phase and raising questions about its technological capabilities, the startup has raised $10 million in funding. The funding round was led by Khosla Ventures, with participation from Basis Set Ventures and Shopify CEO Tobias Lütke.
Khosla Ventures partner Jon Chu, commenting on the decision, noted that truth is often overshadowed by groupthink in controversial situations. He cited the example of Parker Conrad's departure from Zenefits and his subsequent successful launch of Rippling.
Ian Crosby was fired by the Bench board of directors in 2021. At the time, he had rejected a $250 million acquisition offer from Brex, and the company was facing financial difficulties. However, investors are confident that Crosby has learned from his past mistakes and that his new idea is promising.
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