Accounting automation platform Vic.ai bags $52m Series C funding
AI accounting firm Vic.ai has secured $52 million in a Series C funding round led by existing investors GGV Capital and ICONIQ Growth.
The round, which also saw participation from Cowboy Ventures and Costanoa Ventures, brings the company’s total funding to $115 million.
Founded in 2017 with its bases in New York City and Oslo, Vic.ai’s artificial intelligence (AI) platform helps accounting firms and businesses automate invoice processing, with claims of up to 99% accuracy, boosting customer productivity by 500%, and nearly $200 million in cost savings. It also provides data insights through its dashboard.
With the new funding, Vic.ai plans to introduce new features on its platform including corporate credit cards, purchase orders, and bill pay, providing a holistic spend intelligence offering “that helps customers optimise their non-payroll costs and make more informed spending decisions”.
The firm adds that it will also offer secure and optimised payment execution as well as AI-based three-way PO matching in early 2023, with card transactions following later in the year.
Vic.ai raised $50 million in Series B funding last September, following which it claims to have “tripled” its headcount to 106 employees, as well as its contracted annual recurring revenue. It says its active user base has increased by 280% compared to last year.
“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,” says 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.”