Vic.ai has closed its Series B funding round at $50 million, bringing the artificial intelligence software company’s total funding to date to $63 million. The money is earmarked for expanding the company’s enterprise offering and to release additional AI capabilities for U.S. and European customers.
Vic.ai was founded in 2017 with an AI platform for processing invoices autonomously. The company’s software adds artificial intelligence and autonomous approval flows to a company’s back-office financial operations. The platform learns from historical data and existing processes to deliver what it calls an “Autopilot” for invoice processing and other functions.
The Series B round was led by Iconiq Growth, whose founding partner Will Griffith will now join Vic.ai’s board.
“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,” Griffith said in a statement. “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.”
“It’s 2021, and it’s high time for finance and accounting teams to embrace AI technology,” added Vic.ai CEO Alexander Hagerup, also in a statement. “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.”
Over the past year, Vic.ai released two new products, Autopilot and Autonomous Approval Flows. The company also earned Service Organization Control (SOC) 2 certification and won several awards, including Top New Products for AP Tools by Accounting Today and the 2021 Rethink Award for Innovation & Technology by BDO Alliance USA.
