NEW YORK, Sept. 01, 2021 (World NEWSWIRE) — Vic.ai these days announced $50 million in Sequence B funding to spur adoption of its groundbreaking AI platform for genuine-time, autonomous accounting and economical intelligence. The Sequence B funding was led by ICONIQ Development with participation from current traders GGV Cash, Cowboy Ventures and Costanoa Ventures, bringing full money raised to $63 million. Vic.ai programs to use the new funding to grow its business featuring and launch extra AI capabilities for U.S. and European consumers.
Vic.ai was launched in 2017 to develop thoroughly autonomous AI systems that make finance and accounting groups extra effective, accurate, and clever. The company’s AI platform has now processed far more than 535 million invoices with 95 percent precision, supporting 2,000+ corporate finance and accounting purchasers achieve nearly $70 million in expense personal savings and 6 million hrs in time cost savings. Enterprise prospects contain HSB (Sweden’s greatest authentic-estate management organization), Intercom Inc. and HireQuest, as perfectly as best accounting firms like KPMG, PwC, BDO, and Armanino LLP.
Vic.ai adds subtle synthetic intelligence, laptop eyesight and autonomous approval flows to a company’s again-place of work fiscal operations. In contrast to legacy techniques that are based on predefined policies or templates, Vic.ai’s platform intelligently learns from historic facts and present procedures to provide what it calls an “Autopilot” for bill processing and other functions. That sales opportunities to considerable reductions in time invested, much less faults, no duplicates, helpful approvals and seamless integrations with other techniques and method flows.
“As growth investors, we’re centered on marrying bold innovation and deep working experience, which is why we’re so fired up to enable Vic.ai provide AI into the heart of organization accounting and finance,” stated Will Griffith, founding spouse at ICONIQ Growth, who joins Vic.ai’s board. “We’ve been fortuitous to associate with a lot of of the very best B2B cloud software companies and economic software pioneers like Adyen, Invoice.com, Blackline, Coupa, HighRadius and Ramp. The Vic.ai crew demonstrates the identical enthusiasm, solution aim and consumer-initially mentality that we see in other excellent founders.”
“It’s 2021, and it is substantial time for finance and accounting groups to embrace AI technologies,” said Alexander Hagerup, CEO of Vic.ai. “Accounting operate is tedious and repetitive, but it no lengthier demands to be. Our AI platform provides the two autonomy and intelligence for finance and accounting groups. We can aid providers scale again on minimal-value activities like bill processing, and we can push higher-price features like shell out intelligence, benchmarking and charge optimization.”
About the earlier 12 months, Vic.ai ongoing to push boundaries and unveiled two new solutions, Autopilot and Autonomous Acceptance Flows, which provide the basis for genuinely autonomous accounting. In addition, the business acquired Company Firm Control (SOC) 2 certification and gained many awards, which includes The 2021 Major New Items for AP Tools by Accounting Right now and the 2021 Rethink Award for Innovation & Technology by BDO Alliance Usa.
For more information about Vic.ai and to be part of the company’s growing group, be sure to take a look at the Vic.ai website and observe Vic.ai on LinkedIn.
About ICONIQ Progress
ICONIQ Growth associates with remarkable business owners and leaders who drive world influence and adjust. We are influenced by visionaries defining the long run of their industries by creating corporation cultures that endure. Our one of a kind expense system harnesses the electrical power of ICONIQ Capital’s vivid ecosystem of founders, pioneers, and enterprise leaders with the purpose of offering tangible benefit and amplifying our portfolio companies’ achievements from early growth phase to IPO and beyond. ICONIQ Growth’s portfolio of innovators incorporate Adyen, AirBnB, Alibaba, Alteryx, Automattic, BambooHR, Braze, Chime, Collibra, Coupa, Datadog, Docusign, Gitlab, Marqeta, Miro, Procore, Pink Ventures, Relativity, ServiceTitan, Snowflake, Sprinklr, Truckstop, Uber, Wolt, and Zoom, among the other people. For more information and a total list of portfolio firms, please visit ICONIQGrowth.com.
About Vic.ai
Vic.ai provides a powerful AI platform for autonomous accounting and money intelligence. The company’s Autopilot® method has processed 535 million invoices with 95 p.c precision, helping 2,000+ clients accomplish approximately $70 million in cost financial savings and six million several hours in time discounts. Currently surpassing human-degree precision, Vic.ai assists accountants, CFOs, controllers, and accounts payable teams develop into dramatically additional productive and reduce mistakes on routine accounting jobs. Vic.ai is jointly headquartered in New York Town and Oslo, Norway.
Media Get in touch with:
Dave Reddy
Huge Valley Advertising for Vic.ai
+1 (650) 868-4659
[email protected]
