Vic.ai, an AI accounting firm, has landed $52m in a Series C investment round led by GGV Capital and ICONIQ Growth.
Also participating in the round was Cowboy Ventures and Costanoa Ventures. Following this round, Vic.ai has raised a total of $115m since its inception.
The company claims its AI platform has already helped thousands of accounting firms and enterprise companies revolutionise their accounts payable operations by automating invoice processing.
Vic.ai said that by processing invoices 24/7 with up to 99% accuracy, it is boosting customers’ total productivity by 500% and providing key data insights through its intelligence dashboard.
The firm said that in its next phase of growth it will expand its AI solution to include corporate credit cards, bill pay and purchase orders, providing a holistic spend intelligence offering that helps customers optimise their non-payroll costs and make more informed spending decisions.
Vic.ai will also offer new capabilities for secure and optimised payment execution as well as AI-based three-way PO matching in early 2023, with card transactions following later in the year.
Since it raised $50m in its Series B in September 2021, Vic.ai has tripled its headcount to 106 employees across 25 US states and multiple European countries. Its annual recurring revenue has also tripled and its active user base has climbed 280% compared to last year.
Vic.ai plans to use the new funding to add ‘industry-pioneering’ modules to its platform in 2023 to help enterprises optimise their finance processes and make more informed data-driven decisions.
Vic.ai co-founder and CEO Alexander Hagerup said, “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.
“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.”
Copyright © 2022 FinTech Global