Vic.ai, a startup that has constructed an AI-based platform it claims can ‘automate’ enterprise accounting, has raised a $50M Collection B spherical led by ICONIQ Development, with participation from present buyers GGV Capital, Cowboy Ventures and Costanoa Ventures, bringing complete capital raised to $63 million.
The corporate’s prospects embrace HSB (Sweden’s largest real-estate administration firm), Intercom Inc. and HireQuest Inc., in addition to accounting corporations KPMG, PwC, BDO, and Armanino LLP. Vic.ai says its platform has processed greater than 535 million invoices with 95 p.c accuracy.
Vic.ai says it may possibly do that by studying from historic information and present processes to ship extra automation in accounting processes thus saving time, lowering errors and duplicates.
Alexander Hagerup, CEO of Vic.ai (launched in 2017) mentioned: “It’s 2021, and it’s excessive time for finance and accounting groups to embrace AI expertise. Accounting work is tedious and repetitive, nevertheless it not must be. Our AI platform delivers each autonomy and intelligence for finance and accounting groups.”
Will Griffith, founding accomplice at ICONIQ Development mentioned Vic.ai staff “demonstrates the identical ardour, product focus and customer-first mentality that we see in different distinctive founders.”