Vic.ai, a New York-based startup that develops automated accounting software, announced raising a $50 million Series B funding round led by ICONIQ Growth, according to VentureBeat.
The company says it will use the funding to expand its current offerings, continue to build out its financial intelligence engine and double its full-time team size from 35 to 67 by the end of the year.
“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,” Vic.ai CEO Alexander Hagerup said.
The funding round included participation from GGV Capital, Cowboy Ventures and Costanoa Ventures, and brings Vic.ai’s total funding to $62.7 million. The company previously raised a $11.2 million Series A led by GGV Capital in 2019.
Vic.ai’s existing enterprise customer base businesses includes HSB, Intercom Inc., HireQuest Inc., and accounting firms KPMG, PwC, BDO and Armanino LLP, with the company stating it has processed over 535 million invoices with 95% accuracy, according to TechCrunch.
The company’s platform utilizes an AI-powered Autopilot feature, which selects invoices and expenses based on predetermined criteria, and automates processes prior to approval. Their Autonomous Approval Flows break down steps needed for approvals and assigns work to employees based on requirements.
“No matter the industry, every company needs accounting, which is inheritably tedious and time-consuming. Accounting tasks have always been managed by using legacy systems that are based on various predefined rules and templates, like Excel,” Hagerup told VentureBeat.
Founded in 2017, founders Hagerup and Kristoffer Roil built the company’s core technology by using over 200 million accounting documents from more than 30,000 companies historical accounting data to train its AI. The documents were reviewed by PwC, BDO and KPMG, and enabled to their machine learning software to handle future accounting requests.
“From a customer and market adoption perspective, the pandemic has only accelerated the usage of cloud-based platforms for managing accounting work, and we see demand for our solutions. Vic.ai algorithm can perform reasoning intelligently and adapt to new requirements, making the accounting process autonomous,” Hagerup told VentureBeat.