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Magnetic Raises $5.2M Seed Round

Recently funded · $5.2M SeedTechnology, Information and MediaUSView source

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For CPAs still grappling with mountains of manual data entry, Magnetic is offering a new solution powered by artificial intelligence. The company, which helps accounting professionals automate these time-consuming tasks, has now secured $5.2M in seed funding.

Magnetic's platform is designed to streamline a core pain point in the accounting industry, aiming to free up CPAs from repetitive data input and allow them to focus on higher-value strategic work. The seed round marks a significant step for the startup in its mission to modernize accounting workflows.

$182M raised across 10 tax & e-invoicing technology rounds since April 2026. A summary of who raised, how much, and what it's for: Fonoa — $110M, Series C AI-driven indirect tax and e-invoicing compliance platform. The round included Fonoa's acquisition of PwC's tax platform, Edge.

Taxwire — $25M, Seed and Series A Indirect tax automation and compliance software for finance teams managing multi-state and multi-country obligations. Juno — $12M, Seed Automation for income tax return preparation at accounting firms. Synthetic — $10M, Seed AI bookkeeping automation for startups. General accounting infrastructure, not a tax-compliance product specifically. Byron — $6.5M, Seed

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