Magnetic

Magnetic addresses the massive talent shortage in the accounting profession by providing an AI-powered tax preparation platform for CPAs. It automates the tedious data entry process by scanning client documents, extracting data with cutting-edge OCR (99.8% accuracy across 94+ document types, including handwritten notes), and seamlessly entering it into major tax software like Thompson Reuters, Intuit, Wolters Kluwer, and Drake. The platform also offers built-in document organization, creating bookmarked, organized workpapers. Founded in 2024 by former Keeper and Zynga leads, Thomas Shelley and Patrick Fay, Magnetic has quickly processed hundreds of returns, demonstrating significant efficiency gains and accuracy improvements over incumbent solutions, aiming to capture a large share of the $2B US personal tax returns outsourcing market.