Khosla Ventures Leads $10M Seed Round for Synthetic’s AI Bookkeeper with Shopify CEO Backing
Ian Crosby’s new startup Synthetic has raised $10 million in a Seed round led by Khosla Ventures, with participation from Basis Set Ventures and Shopify CEO Tobias Lütke. Synthetic is designing a fully autonomous AI bookkeeper to generate accrual-based financial statements without human involvement.
1. Funding Round Details
Synthetic has secured $10 million in a Seed financing round led by Khosla Ventures, with additional contributions from Basis Set Ventures and a personal investment by Shopify CEO Tobias Lütke. This injection of capital will fund product design and early development efforts.
2. Autonomous AI Bookkeeper Vision
Synthetic aims to build a fully autonomous AI system capable of producing accrual-based financial statements without any human input. The product remains in the design phase, and Crosby acknowledges current foundational models may not yet support full autonomy.
3. Founder Background and Past Challenges
Ian Crosby previously founded Bench Accounting, which was shut down in 2024 after management changes and cash burn issues. He was removed by Bench’s board in 2021 following a rejected $250 million acquisition offer and strategic disagreements.
4. Shopify CEO’s Participation
Tobias Lütke’s involvement reflects confidence in Crosby’s revised approach and the potential of AI-driven bookkeeping. While Lütke’s investment is personal, it signals interest in AI solutions that could eventually integrate with Shopify’s merchant services.