Vic.ai Raises $50M to Revolutionize Accounting with AI

Vic.ai Secures $50 Million in Series B Funding

Vic.ai, a company specializing in AI-powered accounting automation, has successfully closed a $50 million Series B funding round. The investment was spearheaded by ICONIQ Growth, with continued support from existing investors including GGV Capital, Cowboy Ventures, and Costanoa Ventures.

This latest funding brings the total capital raised by Vic.ai to $63 million, bolstering its position in the enterprise accounting technology sector.

Key Clients and Performance

A diverse range of organizations currently utilize Vic.ai’s platform. These include prominent companies such as HSB (Sweden’s leading real-estate management firm), Intercom Inc., and HireQuest Inc.

Furthermore, several major accounting firms – KPMG, PwC, BDO, and Armanino LLP – have integrated Vic.ai into their operations.

The platform has reportedly processed over 535 million invoices, achieving a reported accuracy rate of 95%.

How Vic.ai Achieves Automation

Vic.ai’s technology leverages machine learning to analyze historical data and existing accounting workflows. This allows for increased automation, ultimately minimizing manual effort.

By learning from past processes, the platform aims to reduce both errors and the occurrence of duplicate entries.

Statements from Leadership

Alexander Hagerup, CEO of Vic.ai, founded in 2017, stated: “Finance and accounting departments should now fully adopt AI solutions. The traditionally laborious and repetitive nature of accounting tasks can be significantly improved with our AI platform.”

He further emphasized that the platform provides both increased autonomy and enhanced intelligence for financial teams.

Will Griffith, a founding partner at ICONIQ Growth, highlighted the Vic.ai team’s dedication. He noted their strong product focus and commitment to prioritizing customer needs, qualities observed in other successful founding teams.

Looking Ahead

The funding will likely be used to further develop the platform’s capabilities and expand its market reach. Vic.ai aims to continue driving innovation in the field of automated accounting.