“Autonomous accounting” system Vic.ai raises $50M round led by ICONIQ Advancement

Vic.ai, a startup that has constructed an AI-dependent system it claims can ‘automate’ company accounting, has lifted a $50M Sequence B round led by ICONIQ Development, with participation from present buyers GGV Funds, Cowboy Ventures and Costanoa Ventures, bringing complete money elevated to $63 million.

The company’s shoppers include HSB (Sweden’s premier authentic-estate administration organization), Intercom Inc. and HireQuest Inc., as effectively as accounting firms KPMG, PwC, BDO, and Armanino LLP. Vic.ai says its system has processed additional than 535 million invoices with 95 per cent precision.

Vic.ai suggests it can do this by studying from historical knowledge and current processes to produce additional automation in accounting procedures therefore saving time, reducing problems and duplicates.

Alexander Hagerup, CEO of Vic.ai (released in 2017) said: “It’s 2021, and it is significant time for finance and accounting teams to embrace AI technological know-how. Accounting do the job is cumbersome and repetitive, but it no for a longer period requirements to be. Our AI platform delivers both autonomy and intelligence for finance and accounting groups.”

Will Griffith, founding companion at ICONIQ Development explained Vic.ai staff “demonstrates the identical passion, product focus and consumer-to start with mentality that we see in other excellent founders.”