With $52 Million in New Funding, Vic.ai is Ready to Expand our AI Solution to Bill Pay and Beyond
Co-founder & CEO
Announcing the completion of our latest funding round: an injection of $52 million led by ICONIQ Growth and GGV Capital with participation from Cowboy Ventures and Costanoa Ventures – all longtime investors and believers in our pioneering AI technology.
December 13, 2022
Kris and I started Vic.ai back in 2017 with a bold vision of revolutionizing the way companies execute accounting and finance.
And we are well on our way, with our world-class AI technology already generating massive ROI for thousands of Vic.ai customers around the globe. Every day we push the envelope of what AI can do – processing invoices 24/7 with up to 99% accuracy, boosting customers' total productivity by 500%, mastering quick and accurate turn-around times for faster month-end closes, and beyond. And our intelligence dashboard tracks it all, providing invaluable finance and performance data insights.
We know this is only the beginning. We envision a near future when AI technology will handle over 90% of cost transaction processing on behalf of finance teams, and facilitate autonomous purchasing. These efficiencies will pay enormous dividends – for our customers’ bottom lines, for employee opportunities and satisfaction, and even for the environment. In these economic times, those efficiencies are more important than ever.
That’s why we’re so excited to announce the completion of our latest funding round: an injection of $52 million led by ICONIQ Growth and GGV Capital with participation from Cowboy Ventures and Costanoa Ventures – all longtime investors and believers in our pioneering AI technology. The new funding will allow us to expand our AI solution to automate and analyze purchase orders, effectively execute bill pay, and issue corporate credit cards that will introduce a new era for intelligent corporate spending. We thrive on also providing finance teams with real-time insights to avoid duplicate payments, optimize non-payroll costs, and achieve operational excellence, which is even more crucial during an economic downturn.
This expansion of features will further build on the strength of the two pillars underpinning Vic.ai’s holistic fintech solution: Autonomy and Intelligence for accounting and finance.
We pride ourselves in how far we’ve come with our AI technology, and are seeing unmatched accuracy and autonomy compared to rules-based competitors. Within the Autonomy pillar, we will further enrich the accounts payable (AP) function by integrating bill pay, corporate card, and PO capabilities. In early 2023 we’ll launch safe and optimized payment execution, as well as AI-based, line-level, three-way PO matching, with card transactions following later in the year. We can’t wait for these significant product expansions to provide our valued, large to mid-size enterprise customers with complete spend control and insight across invoices, purchase orders, and card purchases.
Within Vic.ai Intelligence, real-time analysis of all cost and spend transactions will provide even more value to our customers. Our AI allows for product-and service-level price normalizations, which will help finance teams analyze and optimize all non-payroll costs across business units; benchmark spend with detailed vendor analysis, and suggest better ways to spend. With the enormous amount of data we process, we see new opportunities to provide intelligence in other areas as well, such as ESG initiatives which will expand Vic.ai’s mission not just to improve enterprise finance, but also the planet.
With the new funding, we are thrilled to continue investing in our employees and expanding our AI solution. Through our new product expansions, Vic.ai aims to help finance teams achieve the highest level of efficiency and cost savings while also providing a competitive alternative for large to mid-size enterprises.
As Vic.ai is increasingly recognized by third parties like The Information 50 as a key player in this market, we see this as an honor and a challenge – one which we will continue to rise to. We are grateful to our investors for their continued faith in our vision and technology. We're both excited and dedicated to pushing the boundaries of AI in the accounting and finance industry and providing our customers with even greater value across their entire business .And we are energized by all the possibilities just waiting to be captured by our AI.