Solomon Labs (CEO Lee Ki-kyung), an AI-based tax automation solution company, announced on the 23rd that it has attracted seed investment of USD 6.8 million (KRW 9.5 billion) from global venture capital firm Bessemer Venture Partners. Following the USD 3 million (KRW 4.2 billion) in investments from Crew Capital, Base Ventures, Valon Capital, and Hillspring Investment last year, the cumulative investment amount is approximately USD 10 million (KRW 14 billion).
Founded in 2024, Solomon Labs is headquartered in New York and provides 'Solomon AI', an AI agent-based solution that aims to automate tax reporting work. This solution improves the work efficiency of accounting firms by automating repetitive tax work such as document collection, data extraction, and report writing. It can reduce the time it takes to write a tax report from over 5 hours to less than 30 minutes, which helps accounting firms suffering from a lack of manpower to accommodate more clients and focus on high value-added services.
The U.S. accounting industry has been experiencing a shortage of staff in recent years. According to CPA Trendlines, 42% of accounting firms have experienced a lack of staffing that prevents them from taking on new clients or providing adequate service to existing clients. In this context, Solomon Labs achieved $1 million in annualized revenue (ARR) within six months of launching its service and aims to reach $3 million by the end of 2025.
Solomon Labs plans to use this investment to focus on improving the accuracy of AI models, expanding the scope of automation, and improving the user interface. In the future, it plans to expand the scope of tax automation by expanding state-level application as well as various federal tax items such as student loans and alimony. In addition, it plans to sequentially introduce data-based customized tax reporting optimization and tax saving strategy suggestion functions.
David Cowen, a partner at Bessemer Venture Partners who led this investment, said, “Solomon deeply understands the core problems of accounting firms and solves them with AI-based technology. Based on its proven technology and rapid growth, we expect it to achieve meaningful growth in the U.S. tax market.”
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