Vic.ai, an AI platform for autonomous accounting and financial intelligence, has collected $50m in its Series B funding round.
The round was led by ICONIQ Growth, with commitments also coming from GGV Capital, Cowboy Ventures and Costanoa Ventures.
Vic.ai has earmarked the capital for the expansion of its offering and the launch of new AI capabilities in the US and Europe.
Launched in 2017, the FinTech company has designed a fully autonomous AI system that enables finance and accounting teams streamline their operations.
It claims the platform has helped process 535 million invoices, with 95% accuracy, and has helped over 2,000 clients save around $70m in costs and six million hours in time savings. Its clients include KPMG, PwC, BDO and Armanio.
Vic.ai CEO Alexander Hagerup said, â€œItâ€™s 2021, and itâ€™s high time for finance and accounting teams to embrace AI technology.
â€œAccounting 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.â€
The round brings the companyâ€™s total equity raised to $63m.
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