Vic.ai Raises $50 Million to Spur AI Adoption for Enterprise Finance and Accounting

Vic.ai has received $50 million in Series B funding to spur adoption of its pioneering AI platform for real-time, autonomous accounting and financial intelligence. The Series B funding was led by ICONIQ Growth with participation from existing investors GGV Capital, Cowboy Ventures and Costanoa Ventures, bringing total capital raised to $63 million. Vic.ai plans to use the new funding to expand its enterprise offering and release additional AI capabilities for U.S. and European customers.

Vic.ai was launched in 2017 to build fully autonomous AI systems that make finance and accounting teams more efficient, accurate, and intelligent. The company’s AI platform has now processed more than 535 million invoices with 95 percent accuracy, helping 2,000+ corporate finance and accounting clients achieve nearly $70 million in cost savings and six million hours in time savings. Enterprise customers include HSB (Sweden’s largest real-estate management company), Intercom Inc. and HireQuest, as well as top accounting firms like KPMG, PwC, BDO, and Armanino LLP.

Vic.ai adds sophisticated artificial intelligence, computer vision and autonomous approval flows to a company’s back-office financial operations. Unlike legacy systems that are based on predefined rules or templates, Vic.ai’s platform intelligently learns from historical data and existing processes to deliver what it calls an “Autopilot” for invoice processing and other functions. That leads to significant reductions in time spent, fewer errors, no duplicates, effective approvals and seamless integrations with other systems and process flows.