Summary
Magnetic automates tax data entry for CPA firms by scanning client documents and entering them directly into legacy tax software with 90%+ accuracy. Founded by Thomas Shelley, former Head of Product at Keeper where he built AI tax filing systems and OCR scanning, and Patrick Fay, first engineer at FunCraft who shipped multiple mobile games. They solve the talent shortage crisis in accounting where firms work 80+ hour weeks and turn away clients due to lack of bandwidth. Their AI agent handles everything from handwritten notes to complex K-1s, replacing manual data entry and expensive outsourcing services.
