In a significant development in the accounting technology space, Quanta, a startup leveraging AI to automate accounting for software companies, has raised a $4.7 million seed round led by Accel. The funding round, which also saw participation from basecase, Comma Capital, and San Francisco angel investor Elad Gil, marks a notable milestone for the company and its female founder, Helen Hastings.

Quanta's AI-powered platform is designed to automate costly human labor in accounting, a traditionally manual and time-consuming process. The platform aggregates data from a company's existing fintech tools, such as Brex, Mercury, or Stripe, to automatically produce books and real-time reports. This innovative approach has attracted significant attention from venture capitalists, who see immense potential in automating accounting processes.

Hastings, a former software engineer at Affirm, was inspired to create Quanta after witnessing firsthand the inefficiencies of outdated accounting software. She aimed to build a platform that would enable financial teams and business leaders to be more efficient, and her vision has resonated with investors. The startup's AI-first approach sets it apart from other companies, such as Bench, which attempted to automate accounting processes but ultimately failed.

Quanta's fundraise is also a significant achievement for Hastings as a female founder in a male-dominated industry. According to Pitchbook data, only 2% of funding in 2024 went to female-only founded companies like Quanta. Hastings' success serves as a testament to her perseverance, despite facing skepticism and doubt from others, including a college instructor who once told her she didn't have the potential to become a founder.

With this funding, Quanta plans to expand its reach beyond its current niche of early-stage software companies to larger businesses, including those with multiple corporate entities. Hastings envisions a future where larger organizations can "expect more" from their accounting tools, beyond what incumbent providers have been able to handle. As the company grows, it will be interesting to see how Quanta's AI-powered platform disrupts the traditional accounting industry.

The rise of AI-powered accounting startups like Quanta signals a significant shift in the industry, as companies increasingly turn to automation to improve efficiency and reduce costs. As the technology continues to evolve, it will be crucial to monitor its impact on the accounting profession and the broader business landscape.