With every decision that gets validated, the system becomes smarter and more customized for each customer. Its core AI engine captured the correct data fields and made intelligent decisions on behalf of accountants, such as accurately picking expense categories. The co-founders and enthusiastic customers showed us live demos of how Vic.ai ingested and processed invoices. When we saw the product in action, we were immediately blown away by the extent of Vic.ai’s autonomous capabilities. No software has accomplished truly automating this time- and labor-intensive process, so when we first met Alex, we were very intrigued to understand what Vic.ai could deliver. Surprisingly, most accounting teams still do not have fully automated invoice-processing capabilities and spend significant time and resources on manual data entry and categorization. We knew first-hand how manual and error-prone it is to enter, tag, and categorize invoices in the general ledger, and then send them for review, wait for approval, and finally make payments. Having been investors and partners to many leading companies in financial software, we deeply resonated with the problem Vic.ai is tackling. We are excited to support the company on their journey to augment and transform how enterprise finance teams and accountants work. ICONIQ Growth is thrilled to partner with Vic.ai as the lead investor in their latest $50 million Series B financing, announced today (read about the company’s press release here). The two founded Vic.ai in 2017 with a bold vision of delivering AI to the office of the CFO, starting with a focus on accounts payable. Alex Hagerup and Kris Roil hope to change that by building the next modern CFO platform. We live in a world with self-driving cars, ubiquitous access to mobile computing, and space tourism on the horizon, yet accounting processes are shockingly antiquated.
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