Artificial intelligence (AI) accounting solution provider Vic.ai has secured $50 million in Series B funding, money the company says will “spur adoption of its pioneering AI platform for real-time, autonomous accounting and financial intelligence.”
The New York-based firm said in a news release Wednesday (Sept. 1) that the funding will allow it to expand its enterprise offering and provide new AI capabilities for customers in Europe and the United States.
“It’s 2021, and it’s high time for finance and accounting teams to embrace AI technology,” said Alexander Hagerup, CEO of Vic.ai.
“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.”
Launched in 2017, Vic.ai says its mission is to “build fully autonomous AI systems that make finance and accounting teams more efficient, accurate, and intelligent.”
The company’s platform learns from historical data and processes to provide what it calls an “autopilot” for processing invoices and other functions, thus reducing errors and time spent, and leading to effective approvals and seamless integrations.
Vic.ai says it has processed more than 535 invoices with 95 percent accuracy, helping its more than 2,000 clients save close to $70 million in costs. Customers include HSB, the largest real-estate management firm in Sweden, as well as HireQuest and leading accounting firms such as KPMG, PwC, BDO and Armanino LLP.
In an interview with PYMNTS earlier this year, Hagerup spoke about the future of using AI in accounts payable workflows and said the opportunity for companies to glean even more value from the technology can only increase.
“The other piece that is often overlooked, but so important, is the actual intelligence from the data,” Hagerup said, adding that real-time cost optimization strategies, peer benchmarking and other analytical insights will be a key priority for Vic.ai.