Vic.ai, a New York-based AI accounting startup, has raised $50 million via a Series B financing round to continue developing its autonomous accounting platform.
The round was led by ICONIQ Growth and had participation from previous investors like GGV Capital, Cowboy Ventures, and Costanoa Ventures. The round brings the total funding raised by the startup since 2017 to $63 million, allowing it to expand its AI offerings for US and European users. Will Griffith, a founding partner at ICONIQ Growth who will be joining Vic.ai’s board of directors, referred to the round by stating:
“As growth investors, we’re focused on marrying bold innovation and deep experience, which is why we’re so excited to help Vic.ai bring AI into the heart of enterprise accounting and finance. We’ve been fortunate to partner with many of the best B2B cloud software companies and financial software pioneers like Adyen, Bill.com, Blackline, Coupa, HighRadius, and Ramp. The Vic.ai team demonstrates the same passion, product focus, and customer-first mentality that we see in other exceptional founders.”
The startup makes use of the latest developments in artificial intelligence and computer vision to automate financial operations for thousands of organizations, providing a scalable solution with its machine learning capabilities. Vic.ai’s platform has now processed over 535 million invoices with a reported accuracy of more than 95%, saving more than $70 million in the process. Alexander Hagerup, CEO of Vic.ai, discussed the platform’s mission by stating:
“It’s 2021, and it’s high time for finance and accounting teams to embrace AI technology. Accounting work is tedious and repetitive, but it no longer needs to be. Our AI platform delivers both autonomy and intelligence for finance and accounting teams. We can help companies scale back on low-value activities like invoice processing, and we can drive higher-value functions like spend intelligence, benchmarking, and cost optimization.”
With the AI accounting startup already having more than 2000 corporate clients, it is aiming to become a leader in the use of AI and machine learning to supply the increasing demand for automation different industries have experienced over the past decade.