NEW YORK, September 5, 2019 /PRNewswire-PRWeb/ -- Vic.ai today announced the close of its $11.2 million Series A financing. GGV Capital led the round with participation from new investor Costanoa Ventures and seed round lead investor Cowboy Ventures. Jeff Richards, managing partner, GGV Capital will join the Vic.ai board of directors. Vic.ai plans to accelerate the growth of its team with strategic, world-class talent in engineering, product development, support, sales, and marketing.
Vic.ai is an AI platform for Accounting firms & Mid-Market finance departments that automates accounting and leverages data to provide valuable insights and advisory information. The platform works in tandem with existing accounting, expense, tax or reporting software systems, learning how accounting teams work and then augments the accountant in order to speed up processing, increase accuracy, as well as helping the team with analytical and strategic insights.
"Lately, a lot of money has been invested in startups trying to compete with traditional accounting firms by developing technology and providing bookkeeping services at the same time. That's the opposite of our model.
We're building Vic.ai for accountants. We believe accountants and accounting firms are tremendously important and are going to be around for a long time so we are building the best AI platform to augment their work and at the same time helping them defend their business model against the looming threats of technological disruption."
Within eight months of going live in 2018, more than 30 accounting firms signed on to the Vic.ai platform including five of the top 10 firms. The largest Vic.ai customer to date has more than 4,000 clients processing 1.2M invoices per year, and in total, the platform has already interpreted more than 150 million accounting documents and transactions providing unprecedented accuracy.
"Every operational function within organizations is being re-imagined with artificial intelligence. For accounting, this means the daily routine of accounting and finance professionals becomes much more professionally gratifying in addition to increased effectiveness and improved accuracy. We see a future where continuous accounting becomes a substantial competitive advantage supported by an AI "CFO" that provides the leadership team with real financial foresight," said Alexander Hagerup, founder and CEO.
Vic.ai also announced the opening of its third location, South Florida, expected to open in Q4-19. The new location will build upon the company's headquarters in Midtown Manhattan and Oslo-based engineering and development team. Currently, Vic.ai is looking for exceptional individuals to join the firm in all locations.
"We are still in the early days of realizing the impact of AI across mainstream business functions," said Jeff Richards, Managing Partner at GGV Capital. "The team at Vic.ai has a blue chip roster of the world's largest accounting firms and as a result some of the most compelling AI technology capabilities we've seen in practical, real-life settings delivering quantified ROI for customers."
"GGV Capital's focus on being a long-term partner is important to us," explained Alexander Hagerup. "We believe in the same future; one where artificially intelligent platforms perform accounting and FP&A. Although it's not built overnight, it will have a tremendous impact on how companies operate in the future. We are equally excited to partner with Costanoa Ventures. They bring long experience and significant understanding of the accounting market through investments and board positions at firms like Intacct."
About Vic.ai: Vic.ai is the artificial intelligence (AI) platform for accounting firms and mid-sized finance departments. Vic.ai's machine learning technology has been trained on over 150 million live accounting documents and transactions. Already surpassing human-level accuracy for many tasks, Vic.ai helps accountants, CFOs, controllers, and accounts payable (AP) teams become more efficient and reduce errors on routine accounting tasks.
Accounting and finance professionals can learn more by visiting the Vic.ai website and following the Vic.ai LinkedIn page. Interested candidates can learn more about available opportunities to join the team early by viewing current openings at Vic.ai.
SOURCE Vic.ai
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