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Exclusive: Thomson Reuters puts $1M into accounting AI company

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Jan 19, 2024
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Illustration: Brendan Lynch/Axios

Thomson Reuters Ventures invested $1 million in seed funding in Truewind, an accounting co-pilot startup, the companies told Axios exclusively.

Why it matters: Thomson Reuters (NYSE: TRI) has heavily emphasized  generative AI developments in recent months. The company acquired Casetext, an AI assistant for lawyers, last year for $650 million.

Details: The funding is an extension to Truewind's September round of funding, which was a $3 million check led by Fin Capital and Y Combinator.

  • Using machine learning — including generative AI — Truewind previously targeted startups first and foremost, seeking to act as their accountant.
  • With the new capital from Thomson Reuters Ventures, Truewind will expand its customer base to include accounting firms, which bring in more revenue per customer.
  • "We want to put this in the hands of accountants to give them an accountant copilot," says CEO Alex Lee.
  • Since September, Truewind has increased its staff to 12 employees.

The big picture: Notably, tax and accounting was the fastest growing of Thomson Reuters' three major segments in the third quarter last year.

  • "We see meaningful revenue acceleration particularly... through 2025, 2026, and 2027 as a result of these investments," Thomson Reuters CEO Steve Hasker told analysts in November regarding the firm's gen AI initiatives.

Of note: Thomson Reuters Ventures has made 8 gen AI investments over the last 12 months, says partner Joe Dormani.

  • "Through the venture fund, we try to... have the ability to give our customer visibility into those products," he says.
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