Vic.ai is a service that automates accounting and provides financial advice and support through the use of Artificial Intelligence (AI), has announced $50 million in Series B funding. 

The Series B funding was led by ICONIQ Growth with participation from existing investors GGV Capital, Cowboy Ventures, and Costanoa Ventures, bringing total capital raised to $63 million. 

Vic.ai plans to use the new funding to expand its enterprise offering and release additional AI capabilities for U.S. and European customers.

Company: Vic.ai, Inc.

Raised: $50.0M

Round: Series B

Funding Month: September 2021

Lead Investors: ICONIQ Growth

Additional Investor: GGV Capital, Cowboy Ventures, and Costanoa Ventures

Company Website: http://www.vic.ai/

Software Category: autonomous AI systems

About the Company: Vic.ai was launched in 2017 to build fully autonomous AI systems that make finance and accounting teams more efficient, accurate, and intelligent. The company’s AI platform has now processed more than 535 million invoices with 95 percent accuracy, helping 2,000+ corporate finance and accounting clients achieve nearly $70 million in cost savings and six million hours in time savings. Enterprise customers include HSB (Sweden’s largest real-estate management company), Intercom Inc., and HireQuest, as well as top accounting firms like KPMG, PwC, BDO, and Armanino LLP.

Source: https://aithority.com/technology/financial-services/vic-ai-secures-50-million-to-spur-artificial-intelligence-adoption-within-enterprise-finance-and-accounting/