NEW YORK, Dec. 13, 2022 (GLOBE NEWSWIRE) — 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 the total capital to $115 million. Vic.ai plans to use the new funding to add industry-leading modules to its platform in 2023 to help businesses 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 businesses 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 increases customers’ overall productivity by 500%, as well as providing valuable data insights through its intelligence dashboard.
“Our continued investment reflects our belief in Vic.ai’s outstanding technology, the significant cost savings it brings to the world’s largest accounting team, and the bold vision of its founders,” said Will Griffith, founder of ICONIQ Growth and board member of Vic.ai. . “We are excited to renew our partnership with Vic.ai as it continues to disrupt outdated accounting and finance processes to support our customers’ growth.”
In the next phase of growth, Vic.ai will expand its AI solution to include corporate credit cards, purchase orders and bill payment, offering a holistic offering of spending information that helps customers optimize their non-wage costs and make more informed spending decisions. The company will also offer new opportunities for secure and optimized payment execution as well as AI-based three-way PO matching in early 2023, with card transactions later in the year.
Since the last funding round in September 2021, Vic.ai has tripled its headcount to 106 employees in 25 US states and several European countries. The contracted annual recurring revenue has also tripled and the active user base has increased by 280% compared to last year. The company also expects strong growth in 2023.
“The team at Vic.ai are experienced, repeat founders playing the long game in AI,” said Jeff Richards, Managing Partner, GGV Capital. “We first invested with Alex, Kris and the team four years ago and it’s been fantastic to see the team execute and develop the leading AI platform in the accounting and finance category. Vic.ai has some of the happiest customers we’ve ever had seen in an enterprise software company, and it shows in the company’s growth. We worked closely with our friends at ICONIQ to proactively offer to lead another round of funding for the company, and are excited to see the team execute for many years to come.”
Vic.ai’s new offerings will be the latest in its line of boundary-pushing features, including Autopilot, Autonomous approval flows and Use intelligence, which provides the basis for truly autonomous accounting. The AI prediction accuracy and levels of autonomy achieved by Vic.ai derive from the company’s proprietary technology; robust data sets built up over the past six years; and constantly improving algorithms that process tens of millions of invoices each year, creating a positive feedback loop of continuous learning to improve accuracy levels and decision making. As a result, Vic.ai customers can expect a positive return within 7 months.
“In today’s economic climate, businesses must be strategic with every dollar they spend. Vic.ai’s current offerings, including Autopilot and Autonomous Approval Flows, will allow our business to continue to grow at a rapid pace without the need to grow our workforce at the same pace,” said Conor Clair, Senior Finance Manager of Accounting in Milwaukee Two beers. “And with these new intelligent cost tools in development, we will not only be able to have a complete picture of our costs, but we will also benefit from real-time analysis of these transactions as well as advice on how to optimize. It is a game changer that not only will help companies survive the downturn, but which will also outperform the competition.”
“At Vic.ai, we always knew that successfully automating back-office accounting work was just 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 most of the expense transaction processing, resulting in faster and more accurate month-ends for our customers. By automating procurement and more, we’re excited to offer our customers even greater value across the entire their business.”
Vic.ai was launched in 2017 to build fully autonomous AI systems that make finance and accounting teams more efficient, accurate and intelligent. By handling time-consuming activities such as invoice processing, Vic.ai’s solution helps corporate clients such as HSB Real Estate, Higher Ground, Nordic Choice Hotel, Intercom Inc. and HireQuest, as well as top accounting firms including PwC, BDO and Armanino LLP redirect resources towards higher-value functions value such as consumption information, benchmarking and cost optimization.
Vic.ai’s success is due in part to its proprietary technology, robust datasets built over the past six years, and its partnerships with other companies and organizations in the AI field. The company’s team of experienced founders is dedicated to pushing the boundaries of AI in the accounting and finance industry, and customers have consistently provided positive feedback on the value and benefits of the platform.
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 clients save time and money, improve speed and scalability, and ultimately enable clients 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 has joint headquarters in New York City and Oslo, Norway. For more information, please visit
About GGV Capital
GGV Capital is a global venture capital firm focused on multi-stage, sector-focused investments. Recognizing that the talent to build great companies can come from anywhere, the firm invests in entrepreneurs who are building category-leading companies around the world. Founded in 2000 with roots in Singapore and Silicon Valley, GGV has expanded with additional offices in San Francisco, Shanghai and Beijing. The firm manages $9.2 billion in investments across the United States, Canada, China, Southeast Asia, India, Latin America and Israel. Over the past two decades, the firm has supported more than 400 companies, including Affirm, Airbnb, Alibaba, BigCommerce, Boss Zhipin, Bowery Farming, Grab, Full Truck Alliance, HashiCorp, Hello, Keep, Kujiale, NIU, Opendoor Technologies, Peloton , Poshmark, Qunar/Ctrip, Slack, Square, StockX, Udaan, Wish, XPeng, Zendesk and more. More information can be found at www.ggvc.com and @ggvcapital.
About ICONIQ Growth
ICONIQ Growth partners with visionaries defining the future of their industry to transform the world. Our investment platform and unique ecosystem help to amplify the portfolio companies’ success from early growth stage to IPO and beyond. Our portfolio includes Adyen, AirBnB, Alibaba, Alteryx, Automattic, BambooHR, Braze, Chime, Collibra, Coupa, Datadog, Docusign, Gitlab, Marqeta, Miro, Procore, Red Ventures, Relativity, ServiceTitan, Snowflake, Sprinklr, Truckstop, Uber, Wolt and Zoom, among others. Empowered by our global community of founders, pioneers and leaders, we are entrepreneurs supporting entrepreneurs. For more information, please visit ICONIQGrowth.com.
Vic.ai Media Relations
Ashley Paula-Legge
Big Valley Marketing
[email protected]
707-972-0073
