Vic.ai Raises $52 Million in Series C  

by Kay Aloha Villamor in December 14th, 2022

Vic.ai, a New York-based AI pioneer building autonomy and intelligence to digitally transform accounting and finance, announced that it raised $52 million in Series C funding to expand its artificial intelligence (AI) platform for real-time, autonomous accounting and financial intelligence. 

The round was led by existing investors GGV Capital and ICONIQ Growth, with continued participation from Cowboy Ventures and Costanoa Ventures, bringing the total capital raised to $115 million. 

Vic.ai plans to use the new funding to add industry-pioneering modules to its platform in 2023 to help enterprises optimize their finance processes and make more informed data-driven decisions.

“At Vic.ai, we always knew that successfully automating back-office accounting work was only the beginning of what our AI can do for finance teams,” said Alexander Hagerup, co-founder, and CEO of Vic.ai. “We envision a future where AI handles the majority of cost transaction processing, resulting in faster and more accurate month-end closes for our customers. By automating purchasing and beyond, we are excited to offer our customers even greater value across their entire business.”

Vic.ai’s solution helps enterprise customers such as HSB Real Estate, Higher Ground, Nordic Choice Hotel, Intercom Inc., HireQuest, and top accounting firms including PwC, BDO, and Armanino LLP.

In the next phase of its growth, Vic.ai will expand its AI solution to include corporate credit cards, purchase orders, and bill pay, providing a holistic spend intelligence offering that helps customers optimize their non-payroll costs and make more informed spending decisions. 

The company will also offer new capabilities for secure and optimized payment execution as well as AI-based three-way PO matching in early 2023, with card transactions following later in the year.

Company: XFO Financials Inc.

Raised: $52.0M

Round: Series C

Funding Month: December 2022

Lead Investors: GGV Capital and ICONIQ Growth

Additional Investors: Cowboy Ventures and Costanoa Ventures

Company Website: https://www.vic.ai/

Software Category: Accounting Software

About the Company: Founded by Alexander Hagrup and Kristoffer Roil, Vic.ai was launched in 2017 to build fully autonomous AI systems that make finance and accounting teams more efficient, accurate, and intelligent. Vic.ai is pioneering the use of autonomy and intelligence to digitally transform accounting and finance processes to improve productivity, decision-making, and ROI. Vic.ai began by revolutionizing invoice processing, the most tedious and time-consuming task in accounting, to help customers save time and money, improving its speed and scalability and ultimately enabling customers to reinvent their accounts payable operations and improve financial management. Vic.ai has helped 10,000+ customers achieve nearly $200 million in cost savings and 6 million hours in time savings. Since its last funding round in September 2021, Vic.ai has tripled its headcount to 106 employees across 25 U.S. states and multiple European countries. Its contracted annual recurring revenue has also tripled, and its active user base has increased by 280% compared to last year. The company also expects strong growth in 2023. Vic.ai is headquartered in New York City and Oslo, Norway.


Source: https://www.globenewswire.com/news-release/2022/12/13/2572590/0/en/Vic-ai-Secures-52M-in-Series-C-Funding-to-Expand-Suite-of-AI-Enterprise-Fintech-Offerings.html




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