Vic.ai announced $52 million in Series C funding to expand its artificial intelligence (AI) platform for real-time, autonomous accounting and financial intelligence. This 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 raised to $115 million.
“At Vic.ai, we always knew that successfully automating back-office accounting work was only the beginning of what our AI can do for finance teams,” said Alexander Hagerup, Co-Founder, and CEO of Vic.ai. “We envision a future where AI handles the majority of cost transaction processing, resulting in faster and more accurate month-end closes for our customers. By automating purchasing and beyond, we are excited to offer our customers even greater value across their entire business.”
Vic.ai plans to use the new funding to add industry-pioneering modules to its platform in 2023 to help enterprises optimise their finance processes and make more informed data-driven decisions.
Vic.ai’s groundbreaking AI platform has already helped thousands of accounting firms and enterprise companies revolutionise their accounts payable (AP) operations by automating the most manual and inefficient task in accounting: invoice processing. By processing invoices 24/7 with up to 99% accuracy, Vic.ai is boosting customers’ total productivity by 500% and providing valuable data insights through its intelligence dashboard.
“Our continued investment reflects our faith in Vic.ai’s unparalleled technology, the significant cost savings it brings to the world’s largest accounting teams, and the founders’ bold vision,” said Will Griffith, founding partner at ICONIQ Growth and Vic.ai board member. “We are thrilled to renew our partnership with Vic.ai, as it continues to disrupt outdated accounting and finance processes to support its customers’ growth.”
In the next phase of its growth, Vic.ai will expand its AI solution to include corporate credit cards, purchase orders, and bill pay, providing a holistic spend intelligence offering that helps customers optimize their non-payroll costs and make more informed spending decisions. The company will also offerprovide new capabilities for secure and optimised payment execution and AI-based three-way PO matching in early 2023, with card transactions following later in the year.
“The team at Vic.ai are experienced, repeat founders who are playing the long game in AI,” said Jeff Richards, Managing Partner, GGV Capital. “We first invested with Alex, Kris and the team four years ago, and it’s been amazing to watch the team execute and grow the leading AI platform in the Accounting and Finance category. Vic.ai has some of the happiest customers we’ve ever seen in an enterprise software company, and it shows in the company’s growth. We worked closely with our friends at ICONIQ to proactively offer to co-lead a new round of financing for the company, and are thrilled to see the team execute for many years to come.”
Vic.ai’s new offerings will be the latest in its suite of boundary-pushing features, including Autopilot, Autonomous Approval Flows, and Spend Intelligence, which provides the foundation for truly autonomous accounting. The AI prediction accuracies and levels of autonomy reached by Vic.ai derive from the company’s proprietary technology; robust datasets built up over the last six years; and ever-improving algorithms that process tens of millions of invoices every year, creating a positive feedback loop of continuous learning to improve accuracy levels and decision making. As a result, Vic.ai customers can expect a positive ROI within 7 months.
“In today’s economic climate, enterprises must be strategic with every dollar they spend. Vic.ai’s current offerings, including Autopilot and Autonomous Approval Flows, will allow our business to keep growing at a rapid pace without requiring us to grow our workforce at the same pace,” said Conor Clair, Senior Finance Manager of Accounting at Milwaukee Tool. “And with these new intelligent spending tools in development, not only will we be able to have a complete picture of our costs, but we will also benefit from real-time analysis of these transactions as well as advice on how we can optimize. It’s a game changer that will not only help companies outlast the downturn, but also outperform the competition.”
Vic.ai was launched in 2017 to build fully autonomous AI systems that make finance and accounting teams more efficient, accurate, and intelligent. By handling time-consuming activities like invoice processing, Vic.ai’s solution helps enterprise customers such as HSB Real Estate, Higher Ground, Nordic Choice Hotel, Intercom Inc., and HireQuest, as well as top accounting firms, including PwC, BDO, and Armanino LLP, redirect resources toward higher-value functions like spend intelligence, benchmarking, and cost optimsation.
Vic.ai’s success is due in part to its proprietary technology, robust datasets built over the last six years, and its partnerships with other companies and organisations in the AI field. The company’s team of experienced founders is dedicated to pushing the boundaries of AI in the accounting and finance industry, and its customers have consistently provided positive feedback about the value and benefits of its platform.