Vic.ai, a startup that built an AI-Based platform that claims to be able to “automate” corporate accounting, is led by ICONIQ Growth, with existing investors GGV Capital, Cowboy Ventures, and Costanoa Ventures for 5,000. They are raising a $100,000 Series B round. Their total capital is 63 million US dollars.
Clients include HSB (Sweden’s largest property management company), Intercom Inc., HireQuest Inc., and also accounting firms KPMG, PwC, BDO, and Armanino LLP. According to Vic.ai, the company’s platform processes more than 535 million invoices with 95% accuracy.
Vic.ai says it can do this by learning from historical data and existing processes to further automate accounting processes, saving time and reducing errors and duplication.
Vic.ai (launched in 2017) CEO Alexander Hagerup said: Accounting tasks are tedious and repetitive, but they don’t need to be anymore. Our AI platform provides both autonomy and intelligence for finance and accounting teams.”
Capital And Origin
The company has now raised a total of $63 million in the capital.
Launched in 2017, Vic.ai brings artificial intelligence, computer vision (an area of artificial intelligence that enables computers to derive meaningful information from visual input), and autonomous approval flows to organizations. Apply to back-office financial operations.
The Norwegian fintech firm will use the funding to further develop its autonomous AI accounting and finance platform, expand its enterprise services, and release new AI capabilities to customers in the US and Europe.
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About Vic ai
Vic.ai is a pioneer in digitally transforming accounting and financial processes with autonomy and intelligence to improve productivity, decision-making, and ROI. Vic.ai aims to help customers save time and money, improve speed and scalability, and ultimately help customers reinvent accounts payable and improve their financial management. They started by revolutionizing invoice processing, a demanding task. By processing over 500 million invoices with up to 99% accuracy, Vic.ai helped over 10,000 customers save nearly $200 million in costs and 6 million hours in time savings have helped to do Founded in 2017 by Alexander Hagrup and Kristoffer Roil, Vic.ai is jointly headquartered in New York City and Oslo, Norway.
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Series C Funding: Current News
Vic.ai today announced $52 million in Series C funding to expand its artificial intelligence (AI) platform for real-time autonomous accounting and financial intelligence. The funding round was led by existing investors GGV Capital and ICONIQ Growth, with continued participation from Cowboy Ventures and Costanoa Ventures, bringing the total capital to $115 million. Vic.ai will use the new funding to add industry-leading modules to its platform in 2023 to help businesses streamline financial processes and make more informed, data-driven decisions.
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Vic.ai’s groundbreaking AI platform empowers thousands of accounting firms and businesses to improve their accounts payable (AP) operations by automating one of the most manual and inefficient tasks in accounting, invoice processing. They have helped start a revolution. By processing invoices 24/7 with up to 99% accuracy, Vic.ai increases clients’ overall productivity by 500% and provides valuable data insights through intelligence dashboards.
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