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ICONIQ Growth has invested $50M in Vic.ai, an artificial intelligence platform for accounting firms and corporate finance departments. Vic.ai will use the new capital to grow its enterprise offering and provide further AI capabilities to customers in the US and Europe.
Vic.ai, an AI platform for accounting firms and enterprise finance departments, has announced that it has raised $50 million in a Series B funding round led by ICONIQ Growth. Other participants include GGV Capital, Cowboy Ventures, and Costanoa Ventures. The total funding raised reaches $63 million with this round, said Vic.ai in a press release.
Vic.ai intends to use the fresh funds to grow its enterprise offering and provide further AI capabilities to customers in the United States and Europe.
Vic.ai was founded in 2017 to create fully autonomous AI systems that improve the efficiency, accuracy, and intelligence of finance and accounting teams. The company’s AI platform has now handled over 535 million invoices with 95 percent accuracy, saving almost $70 million in costs and six million hours in time for 2,000+ corporate finance and accounting clients. HSB (Sweden’s largest real estate management company), Intercom Inc., and HireQuest, as well as leading accounting firms including KPMG, PwC, BDO, and Armanino LLP, are among the company’s enterprise customers.
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.Alexander Hagerup, CEO of Vic.ai
Vic.ai has introduced two new products in the last year: Autopilot and Autonomous Approval Flows, which lay the groundwork for totally autonomous accounting. Vic.ai enhances a company’s back-office financial operations using artificial intelligence, computer vision, and autonomous approval flows.
Unlike traditional systems that are based on predetermined rules or templates, Vic.ai’s platform learns from previous data and existing processes to provide an “Autopilot” for invoice processing and other activities. This results in significant time savings, fewer errors, fewer duplication, more efficient approvals, and seamless connections with other systems and processes.
Will Griffith, founding partner at ICONIQ Growth, who will join Vic.ai’s board
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.