Vic.ai, a startup that has built an AI-based platform it claims can ‘automate’ enterprise accounting, has raised a $50M 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.
Intercom Inc. and HireQuest Inc. are among the customers of Intercom Inc. (Sweden’s largest real estate management company), Intercom Inc., HireQuest Inc., and accounting firms KPMG and PwC as well as Armanino LLP and Armanino LLP. Vic.ai claims that its platform processed over 535,000,000 invoices at 95 percent accuracy.
Vic.ai claims it is able to do this through learning from past data and existing processes in order to provide more automation of accounting processes, thus saving time and reducing the chances for errors.
Alexander Hagerup is the CEO of Vic.ai, which was launched in 2017. It’s tedious and repetitive to do accounting work, but that doesn’t have to be the case. The AI platform provides both intelligence and autonomy for accounting and finance teams.
Will Griffith, founder partner of ICONIQ Growth, said Vic.ai has the “same passion, product focus, and customer-first mentality we see in other extraordinary founders.”
Publiated at 10:38.33 +0000, Wed, 01 Sep 2021