Vic.ai Secures $52M in Series C Funding
NEW YORK, Dec. 13, 2022 -- Vic.ai today announced $52 million in Series C funding to expand its artificial intelligence (AI) platform for real-time, autonomous accounting and financial intelligence. This funding round was led by existing investors GGV Capital and ICONIQ Growth with continued participation from Cowboy Ventures and Costanoa Ventures, bringing total capital raised to $115 million. Vic.ai plans to use the new funding to add industry-pioneering modules to its platform in 2023 to help enterprises optimize their finance processes and make more informed data-driven decisions.
Vic.ai’s groundbreaking AI platform has already helped thousands of accounting firms and enterprise companies revolutionize their accounts payable (AP) operations by automating the most manual and inefficient task in accounting: invoice processing. By processing invoices 24/7 with up to 99% accuracy, Vic.ai is boosting customers' total productivity by 500%, as well as providing valuable data insights through its intelligence dashboard.
“Our continued investment reflects our faith in Vic.ai’s unparalleled technology, the significant cost savings it brings to the world’s largest accounting teams, and the founders’ bold vision,” said Will Griffith, founding partner at ICONIQ Growth and Vic.ai board member. “We are thrilled to renew our partnership with Vic.ai, as it continues to disrupt outdated accounting and finance processes to support its customers’ growth.”
In the next phase of its growth, Vic.ai will expand its AI solution to include corporate credit cards, purchase orders, and bill pay, providing a holistic spend intelligence offering that helps customers optimize their non-payroll costs and make more informed spending decisions. The company will also offer new capabilities for secure and optimized payment execution as well as AI-based three-way PO matching in early 2023, with card transactions following later in the year.
Since its last funding round in September 2021, Vic.ai has tripled its headcount to 106 employees across 25 U.S. states and multiple European countries. Its contracted annual recurring revenue has also tripled, and its active user base has increased by 280% compared to last year. The company also expects strong growth in 2023.
“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,” said 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. By automating purchasing and beyond, we are excited to offer our customers even greater value across their entire business.”
About Vic.ai
Vic.ai is pioneering the use of autonomy and intelligence to digitally transform accounting and finance processes to improve productivity, decision-making, and ROI. Vic.ai began by revolutionizing invoice processing, the most tedious and time-consuming task in accounting, to help customers save time and money, improving its speed and scalability and ultimately enabling customers to reinvent their accounts payable operations and improve financial management. By processing more than half a billion invoices with up to 99% accuracy, Vic.ai has helped 10,000+ customers achieve nearly $200 million in cost savings and 6 million hours in time savings. Vic.ai was founded in 2017 by Alexander Hagrup and Kristoffer Roil and is jointly headquartered in New York City and Oslo, Norway.
Source: Vic.ai
