Vic.ai Nabs Funding as It Brings Artificial Intelligence to Accounting

By Adriaan Brits Thursday, December 31, 2020

As new technology continues to make progress, it slowly begins to spread out through several different industries along the way. This is especially true for artificial intelligence (AI), which has become applicable to more and more fields of work by the day. In fact, its accessibility and wide range of applications have allowed many startups to use the technology in new and creative ways constantly. Vic.ai has taken AI and thrust it into the world of accounting. The results have been exciting enough to earn the startup respectable funding. Here’s what the company has been up and where it’s headed.

What Is Vic.ai?

At its core, Vic.ai is a New York-based startup that has developed an AI platform for accountants. This AI platform is not built to replace accountants but instead automate the many monotonous factors of the job in order to make them more productive and efficient. The AI itself learns from users themselves to eventually do the repetitive tasks while constantly improving its own performance over time. What it learns is then distributed along to the rest of the organization and its clients to ensure extreme efficiency.

Of the many tasks the startup’s AI is capable of, the main ones would certainly be processing and understanding documents, classifying the general ledger, approving bills, and executing and monitoring electronic payments. The platform continuously learns in order to get better at doing its many tasks and relies on human input for further advancement.

Vic.ai’s platform can be integrated with Quickbooks, Xero, Intacct, Netsuite, Bill.com, and Microsoft Dynamics GP. While the product itself may appear impressive, the growth of Vic.ai as a startup may be equally impressive.

Since Vic.ai went live last year, the startup has seen nearly 30 different accounting firms become customers over the course of its first eight months. Some of those 30 firms include names like PWC, Nomad Financial, Countsy, GHG Logistics, and Nurx. The startup’s AI platform has since processed over 150 million accounting documents and transactions due to the amount of firms who have signed on.

In the meantime, the startup continues to grow in other ways as well, expanding to a third office location in South Florida. This joins the startup’s current offices in Midtown Manhattan and Oslo, Norway. This growth, along with an effective product, has piqued the interest of many different investors.

Vic.ai’s Latest Funding Round and Future Plans

In Vic.ai’s Series A Funding Round, the startup raised a solid $11.2 million. The funding round was led by GGV Capital with participation by Costanoa Ventures and Cowboy Ventures, the leader in Vic.ai’s seed round funding. As a result of this round of funding, managing partner at GGV Capital, Jeff Richards, will be Vic.ai’s board of directors. This brings Vic.ai’s total funding raised so far up to $12.7 million.

With the recent infusion of funding, Vic.ai has big plans for the near future. The major focus of the startup recently has been growth. Vic.ai plans to not only continue to expand the reach of their AI platform to new customers but, more importantly, grow their own team. In fact, the startup is looking to add more engineers, product development staff, support workers, salespeople, and marketing staff, all using this new funding they have raised. Considering the major expansion of the work staff and addition of new office locations, Vic.ai looks primed to handle a major surge of customers as their product stands so far with great results.

Final Conclusions

Vic.ai has created an AI platform that has taken away the monotony of accounting while continuously improving upon itself. It also allows for actual accountants to be more productive and creative at their own jobs. With a growing client base, new funding, and expanded offices and employee base, Vic.ai has all the pieces to see strong success in the near future.

About the Author


Headshot for author Thomas Price

Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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