![]() We worked closely with our friends at ICONIQ to proactively offer to co-lead a new round of financing for the company, and are thrilled to see the team execute for many years to come.” Vic.ai has some of the happiest customers we’ve ever seen in an enterprise software company, and it shows in the company’s growth. “We first invested with Alex, Kris and the team four years ago, and it’s been amazing to watch the team execute and grow the leading AI platform in the Accounting and Finance category. “The team at Vic.ai are experienced, repeat founders who are playing the long game in AI,” said Jeff Richards, Managing Partner, GGV Capital. The company also expects strong growth in 2023. Its contracted annual recurring revenue has also tripled, and its active user base has increased by 280% compared to last year. Since its last funding round in September 2021, Vic.ai has tripled its headcount to 106 employees across 25 U.S. 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. “We are thrilled to renew our partnership with Vic.ai, as it continues to disrupt outdated accounting and finance processes to support its customers’ growth.” “Our continued investment reflects our faith in Vic.ai’s unparalleled technology, the significant cost savings it brings to the world’s largest accounting teams, and the founders’ bold vision,” said Will Griffith, founding partner at ICONIQ Growth and Vic.ai board member. By processing invoices 24/7 with up to 99% accuracy, Vic.ai is boosting customers' total productivity by 500%, as well as providing valuable data insights through its intelligence dashboard. Vic.ai’s groundbreaking AI platform has already helped thousands of accounting firms and enterprise companies revolutionize their accounts payable (AP) operations by automating the most manual and inefficient task in accounting: invoice processing. 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. This funding round was led by existing investors GGV Capital and ICONIQ Growth with continued participation from Cowboy Ventures and Costanoa Ventures, bringing total capital raised to $115 million. ![]() NEW YORK, Decem– Vic.ai today announced $52 million in Series C funding to expand its artificial intelligence (AI) platform for real-time, autonomous accounting and financial intelligence.
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