AI platform for Autonomous Accounting Vic.ai secured $50 Million in Series B Funding

Vic.ai, a New York City based AI platform for autonomous accounting and financial intelligence, has now secured $50 million in a Series B funding round.

Vic.ai is founded by Alexander Hagerup. The AI platform adds autonomous, computer vision, and AI approval flows to a company's back-office financial operations. The platform learns from existing processes and historical data to deliver what it calls an “Autopilot” for invoice processing and some other functions.

Will Griffith, a founding partner at ICONIQ Growth, said, "As growth investors, we’re focused on marrying bold innovation and deep experience, which is why we’re so excited to help Vic.ai bring AI into the heart of enterprise accounting and finance. We’ve been fortunate to partner with many of the best B2B cloud software companies and financial software pioneers like Adyen, Bill.com, Blackline, Coupa, HighRadius and Ramp. The Vic.ai team demonstrates the same passion, product focus and customer-first mentality that we see in other exceptional founders."

Alexander Hagerup, CEO of Vic.ai, said, "It’s 2021, and it’s high time for finance and accounting teams to embrace AI technology. Accounting work is tedious and repetitive, but it no longer needs to be. Our AI platform delivers both autonomy and intelligence for finance and accounting teams. We can help companies scale back on low-value activities like invoice processing, and we can drive higher-value functions like spend intelligence, benchmarking and cost optimization."

The round, which brought the total funding secured to date to $63 million, was backed by the ICONIQ Growth. Other participating investors include GGV Capital, Costanoa Ventures, and Cowboy Ventures.

Post funding, Will Griffith, the founding partner at ICONIQ Growth, will join the Vic.ai Board of Directors team.

The company, as of now, has plans to use the new funds to expand its enterprise offering and release AI capabilities for European and American customers, notes the announcement.