Vic.ai, a startup that has built an AI-based platform it claims can “automate” enterprise accounting, has raised a $50 million Series B round led by ICONIQ Growth, with participation from existing investors GGV Capital, Cowboy Ventures and Costanoa Ventures, bringing total capital raised to $63 million.
The company’s customers include HSB (Sweden’s largest real-estate management company), Intercom Inc. and HireQuest Inc., as well as accounting firms KPMG, PwC, BDO, and Armanino LLP. Vic.ai says its platform has processed more than 535 million invoices with 95% accuracy.
Vic.ai says it can do this by learning from historical data and existing processes to deliver more automation in accounting processes, thus saving time and reducing errors and duplicates.
Alexander Hagerup, CEO of Vic.ai (launched in 2017) said: “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.”
Will Griffith, founding partner at ICONIQ Growth, said Vic.ai team “demonstrates the same passion, product focus and customer-first mentality that we see in other exceptional founders.”