Solomon

Based in New York, Solomon Labs is a technology firm focused on the tax industry, developing AI-based agents to streamline tax practice for professionals. The company was founded by a team with backgrounds from universities like Harvard, MIT, Yale, and UPenn, and experience at major tech companies including Microsoft, Google, and Meta. Key personnel include CEO Ki-kyung Lee, a Harvard Law School graduate, and Jonathan Choi from Yale Law School, who bring a combination of tax law and AI expertise. The technical team is led by Dong-kyu Lim, with Je-wan Han as Engineering Lead and Hye-young Shin overseeing AI application research. Jae-yong Shin, with a background from PwC, directs the product strategy.

The firm's core offering, Solomon AI, is an automation solution designed to assist accounting firms by automating client document collection, data extraction, and tax declaration processes. The platform analyzes various client documents, categorizes them, and extracts tax-relevant data, which is then entered directly into the firm's existing tax software. This process utilizes large language models trained on federal, state, and local tax law, combined with robotic process automation. After the AI prepares the return, it is reviewed by Solomon's in-house, US-based tax specialists before being delivered to the client along with a workpaper and a list of any outstanding items. The service aims to help tax professionals manage complex research and filing more efficiently, while also proposing tax-saving strategies. The platform's security is SOC2-certified, ensuring client data privacy.

Solomon Labs operates on a subscription-based model, targeting tax professionals, accounting firms, and wealth management companies. The company has demonstrated significant early traction, achieving $1 million in annualized revenue within six months of its service launch. The firm has secured seed funding from investors including BASS Ventures and a $6.8 million round led by Bessemer Venture Partners to enhance its AI capabilities and expand its market presence.

Keywords: tax AI, tax automation, AI tax agent, tax practice software, accounting technology, fintech, regtech, tax preparation AI, tax law AI, document data extraction, robotic process automation, SOC2 compliance, tax filing automation, AI knowledge graph, tax professional tools, wealth management tax solutions, Bessemer Venture Partners, AI for accountants