AI accounting platform Vic.ai lands $50m in Series B funding round

AI accounting firm Vic.ai has raised $50 million in a Series B funding round led by ICONIQ Growth, with participation from GGV Capital, Cowboy Ventures and Costanoa Ventures.

The firm has now raised $63 million in total capital

The total capital raised by the company now stands at $63 million.

Launched in 2017, Vic.ai applies artificial intelligence, computer vision — a field of artificial intelligence that enables computers to derive meaningful information from visual inputs — and autonomous approval flows to a company’s back-office financial operations.

The Norwegian fintech will use the cash to further develop its AI autonomous accounting and finance platform, expand its enterprise offering and release new AI capabilities for its US and European customers.

Its enterprise customers include Sweden’s largest real-estate management company HSB and Big Four accounting firms KPMG and PwC.

Vic.ai CEO Alexander Hagerup says: “It’s high time for finance and accounting teams to embrace AI technology.

“Accounting work is tedious and repetitive, but it no longer needs to be. Our AI platform delivers both autonomy and intelligence for finance and accounting teams.”