Vic.ai Raises $50M in Series B Funding

Vic.ai, a New York City- and Oslo, Norway-based AI platform for autonomous accounting and financial intelligence, raised $50M in Series B funding.

The round, which brought total capital raised to date to $63m, was led by by ICONIQ Growth with participation from existing investors GGV Capital, Cowboy Ventures and Costanoa Ventures. In conjunction with the funding, Will Griffith, founding partner at ICONIQ Growth, joined Vic.ai’s board.

The company intends to use the funds to expand its enterprise offering and release additional AI capabilities for U.S. and European customers.

Led by Alexander Hagerup, CEO, Vic.ai provides an AI platform for autonomous accounting and financial intelligence, which adds artificial intelligence, computer vision and autonomous approval flows to a company’s back-office financial operations. The platform intelligently learns from historical data and existing processes to deliver what it calls an “Autopilot” for invoice processing and other functions.

Over the past year, the company released two new products, Autopilot and Autonomous Approval Flows, which provide the foundation for autonomous accounting.

The company’s AI platform has now processed more than 535 million invoices. 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.

FinSMEs

01/09/2021