Solomon Labs, a tax AI solution startup has secured an impressive $6.8 million in seed funding from leading U.S. venture capital firm, Bessemer Venture Partners. This latest investment brings Solomon Labs’ total funding to approximately $10 million, including a previous $3 million raised last year from investors such as Crew Capital, Base Ventures, Balon Capital, and Hillspring Investment.
Founded in New York in 2024 by a Korean Harvard Law School graduate, Solomon Labs is rapidly transforming the tax industry with its flagship automated tax filing solution, “Solomon AI.” The company is specifically addressing the critical challenges faced by U.S. accounting firms, including a shrinking pool of Certified Public Accountants (CPAs) and pervasive labor shortages. Solomon AI automates the entire tax preparation process, from document collection to final tax return submission, significantly boosting efficiency for accounting professionals.
Solomon Labs emphasizes that its solution dramatically improves accountant efficiency by reducing tasks that previously took 5 hours to just 30 minutes.
The impact of Solomon AI is already evident. Within six months of launching its service, Solomon Labs achieved $1 million in annual revenue and is projected to reach $3 million by 2025. One client, after implementing Solomon AI, experienced a remarkable 64% increase in tax return submissions, demonstrating the solution’s tangible benefits.
The new capital infusion will be strategically deployed to advance Solomon Labs’ AI models, expand the scope of its automation capabilities, and enhance its user interfaces. Looking ahead, the company plans to introduce innovative features, including tax-saving strategy recommendations, further solidifying its position as a leader in tax technology.
