Introduction
Vic.ai, a leading AI-powered accounting automation platform, announced it has raised $50 million in a series A funding round. This brings the company’s total funding to $58 million, making Vic.ai one of the best-funded AI-powered accounting automation platforms in the world.
This round of funding will help Vic.ai further automate the accounting process for businesses of all sizes. Let’s delve deeper into what Vic.ai has to offer and how this funding will help them grow their platform.
Vic.ai, an AI-powered accounting automation platform, raises $50M
Vic.ai is transforming accounting with their unique AI-powered platform by automating back office tasks and providing insights to businesses. Founded in 2019, the company partners with leading financial firms to streamline the accounting process and provide real-time analytics on data. Their state-of-the-art application allows companies to save time, money, and effort by reducing manual tasks and providing accurate financial insight that takes only minutes to create.
The Vic.ai platform is currently being used by over 500 companies worldwide in various industries such as startups, small businesses, mid-market organizations, enterprise clients as well as accounting firms like PricewaterhouseCoopers (PwC). It provides a comprehensive suite of tools tailored for each user’s business needs from budgeting and forecasting to expense tracking and audit logging. This AI technology is empowering the finance professionals of today along with their customers in achieving greater productivity for financial performance and operations optimization.
Recently, Vic.ai announced that it has raised a massive total of $50M USD in Series B funding led by Intel Capital with participation from NextGen Venture Partners, Redcliffe Capital LLP along with other prominent investors like W23 Ventures and Grok Ventures. The new funds will be used towards bringing their product to new markets while innovating further towards providing enhanced services through natural language processing (NLP), machine learning (ML), process integration APIs etc., enhancing customer experience and strengthening partnerships that help bring more value for their customers across major international markets globally soon!
Funding Details
Vic.ai, an AI-powered accounting automation platform, announced $50 million in new funding today. The new funding round was led by Sequoia Capital, with participation from Insight Partners, Mangrove Capital Partners, Paxion Capital, and various other investors.
This brings the total amount of funding raised by Vic.ai to $75 million to date. The new funding will be used to accelerate product development and market expansion.
Investors
Vic.ai, a leading accounting automation platform powered by artificial intelligence (AI), recently announced that it has raised $50 million in a Series B funding round led by Kleiner Perkins.
The investors who took part in this latest round of funding included Sequoia Capital, Bessemer Ventures, GGV Capital and Foundation Capital. Vic.ai plans to use the new funds to expand its current capabilities, increase its product development efforts and grow its customer base. This brings Vic.ai’s total funding to date to $62 million.
The new funds come as Vic.ai continues to experience impressive growth as organizations adopt its account automation solutions at an accelerated rate due to their simplicity, scalability and AI-powered analytics capabilities. Organizations across various verticals can now streamline their financial operations with greater accuracy and efficiency while reducing the cost of manual accounting processes such as accounts reconciliation, bookkeeping and financial analysis.
Speaking on the occasion of the Series B round announcement, Co-Founder & CEO Ran Azoury said “With our successful Series B raise we are delighted that tech leaders like Kleiner Perkins have joined us on this journey to redefine financial control for the modern enterprise”. This new infusion of funds gives us an enormous boost in our mission to bring AI powered analysis moments into economical accounting operations engine.
Amount Raised
Vic.ai, a San Francisco-based AI-powered accounting automation platform, has raised $50 million in funding. The round was led by Andreessen Horowitz with participation from Emergence Capital and Lightspeed Venture Partners. This brings the company’s total funding to $67 million.
The investment will be used to continue building and enhancing the Vic.ai Platform and expand the team’s presence in North America, Europe and Asia Pacific as they continue scaling their product and customer base globally. Additionally, they plan to leverage investments in machine learning research to further improve their automated reconciliation technology thereby enabling business users of all sizes access to the most advanced imaging recognition technology.
Use of Funds
Vic.ai, the AI-powered accounting automation platform, has just raised $50M in funding. This round of financing was led by Salesforce Ventures, with participation from existing investors Insight Partners and Global Founders Capital. The company plans to use the funding to accelerate product innovation and expand internationally.
In this section we will discuss the use of funds and how Vic.ai plans to use the capital raised.
Expansion of AI-powered Automation Platform
Vic.ai, an AI-powered accounting automation platform, recently raised $50M in funding. This investment will allow Vic.ai to expand its existing AI-powered automation platform globally and accelerate the development of additional innovative technology solutions for the finance and accounting industry.
The platform uses advanced artificial intelligence (AI) and natural language processing (NLP) to digitize mundane manual processes like data entry, document analysis, transaction detection, invoice matching, and more. By leveraging the latest advancements in machine learning algorithms and deep neural networks, Vic.ai helps streamline financial processes for accountants by reducing manual effort and increasing accuracy.
With this new source of funding from investors such as Tiger Global Management, OTP Ventures Ltd., Point King Capital LLP., Lightspeed Partners, Quora founder Adam D’Angelo and Slack CTO & co-founder Cal Henderson, Vic.ai plans to further expand its product with features such as enhanced customer support options through automated bots that better understand customer needs; increased document preparation capabilities; improved accuracy when extracting entity details; functionality dedicated to integrating multiple sources of data; budget forecasting and business reporting suite; cash flow monitoring; fraud detection tools; public ledger reconciliation abilities; linkable G/L accounts allowing users to create a chart of accounts with groupings related to geography or legal entity; support for international tax calculations on payrolls and invoices based on country-specific regulations etc.
Furthermore, Vic.ai also plans on hiring additional employees in key areas such as engineering talent in data science fields including machine learning and computer vision professionals as well as customer success staff who help partners ensure their onboarding process runs smoothly. All these measure are expected to bring stability in terms of scalability not only for customers but also business partners engaged with the company’s products or services The company is excited about its prospects going forward into 2021 while continuing its mission — helping improve financial operations by making tedious tasks easier faster & smarter!
Hiring & Talent Acquisition
In line with Vic.ai’s vision of leveraging Artificial Intelligence to automate financial processes (Intelligent Accounting Automation), the use of funds from this $50M funding round will exclusively go towards expanding its team to build out its AI-driven platform. This includes hiring and talent acquisition in various technical roles such as Data Scientists, Machine Learning Engineers, Software Developers and QA Analysts in order to power product innovation and increase operational efficiencies.
The new additions to the team will also help propel Vic.ai’s advanced integration capabilities with global accounting platforms, enabling customers to leverage the end-to-end financial automation solution available through Vic.ai. The strategic investments will also give Vic.ai ample opportunity to continue pioneering the concept of ‘Cognitive Automation’ — a process that combines AI, Machine Learning and Robotic Process Automation for optimization beyond what traditional RPA can offer alone — making it possible for even complex tasks and processes to be automated with confidence and accuracy.
Moreover, part of this freshly raised capital will be devoted towards redoubling development efforts by tripling the size of their research and development teams in order to strengthen its platform capabilities, thereby allowing it to better serve its over 6500 customers across 16 countries faster than before.
Product Development
The newly raised funds from Vic.ai’s recent funding round will be used to further the development of their AI-powered accounting automation platform, including investment in both product and engineering efforts.
Specifically, Vic.ai plans to use this funding for accelerated product development and innovation that focus on building out fully connected applications and services for small-medium businesses (SMBs), as well as providing better support to larger corporate enterprises. Moreover, Vic.ai plans to use the capital infusion to further strengthen its AI and machine learning capabilities through increased investment in its engineering team. This includes leveraging more advanced analytics, machine learning algorithms and natural language processing technologies to power better decision making within life cycle payrolls, accounts payable processes, budgeting & forecasting solutions, workflows etc., that will benefit both SMBs and larger corporate compliances alike.
In addition to this raised capital for product development purposes, Vic.ai also plans to utilize a portion of these funds for strategic initiatives across marketing & sales teams such as building out a bigger global presence with improved go-to-market strategies. All of these investments are aimed at driving greater customer engagement with improved customer experiences that will help propel the rapid expansion of their AI-enabled accounting platform enabling faster adoption rates across different global regions.
Impact & Future Outlook
The $50M in funding raised by Vic.ai will likely have multifaceted impacts on the accounting automation platform and the industry as a whole. This influx of capital will undoubtedly help Vic.ai expand its platform and team, and continue to build a product capable of bringing AI-powered automation to accounting practices.
Let’s take a look at the potential impact of this funding announcement and what the future may hold.
Impact on Accounting Professionals
The successful growth and development of Vic.ai, an AI-powered accounting automation platform, has been marked by its recent funding round that raised $50 million. This investment shows growth potential in the AI-powered enterprise software industry, particularly in accounting automation.
This influx of capital can be used to further develop the impact of AI and automation on the profession. Vic.ai provides insights into how AI can enable accountants to efficiently access data, perform analytics, identify financial opportunities and gain more in-depth insight into their clients’ operations – all resulting in substantially increased process efficiencies for firms small to large.
Accounting professionals will now be capable not just of simplifying their manual workloads but also independent forecasting capabilities that lend insight into their clients’ financial future and helps them provide higher quality services specifically tailored to each business enterprise’s needs. AI is capable to eliminate mundane tasks such as transaction logging and data entry freeing up billable hours for much more rewarding advisory and consulting endeavors that adds value for both the firm and their customers alike.
With this new injection of capital other advancements like expanded features and integrations with larger software platforms such as QuickBooks, Xero or Microsoft Dynamics are expected routes that Vic.ai’s team plans on taking in order to broaden its customer base yet further across multiple industries globally; each with increasingly specific requirements depending on their unique financial needs which Vic.ai’s platform is able to cater towards at scale without sacrificing accuracy or control over service outcomes delivered by business advisors or CPAs themselves who continue playing an integral role even amidst increasing advances in automation processes across organizations worldwide due to this latest infusion of funds secured from respected institutional investors within the industry itself momentously paving a path for continued innovation within further niche areas utilizing Artificial Intelligence technology wherever possible going forward all factors considered here today.
Future Outlook & Growth
The new funding brings Vic.ai’s total funding to date to $71M, and will accelerate the development of its AI-powered accounting automation platform for businesses around the world. The additional funding will also enable Vic.ai to continue expanding its customer base and network of partners, as well as diversifying its feature set across different markets including SaaS, ecommerce, retail, blockchain, and professional services.
With its latest financing round, Vic.ai is one of the fastest-growing artificial intelligence (AI) startups in the financial services industry today. The platform has already been adopted by over 100 companies globally across numerous sectors with many more expected to join soon as demand for automated accounting platforms continues to rise in today’s digitalized world. As a result of this success story and market growth potential, it is likely that Vic.ai can grow significantly in the coming years and become a much larger player in this space by capturing a large share of this emerging market opportunity.
Furthermore, their planned expansion into more verticals such as SaaS companies, ecommerce retailers and professional services firms should help them further distinguish themselves from their competitors in the industry with greater visibility and scalability opportunities for their AI-based automation solution for businesses worldwide.
Conclusion
Vic.ai, an AI-powered accounting automation platform, has raised $50 million in its latest round of financing to help enterprises reframe the way they manage accounting. This funding gives Vic.ai the tools necessary to advance its vision of delivering intelligent and automated tax and accounting solutions at scale, empowering companies to better understand their financial health and driving greater agility in every organization.
This capital raise puts Vic.ai in a strong position to further expand its product line, build out its customer base, and even pursue strategic targets such as potential acquisitions or partnerships with other cloud-based software providers. Ventech China led the round, with participation from existing investors including Insight Venture Partners and Emerge Education.
With this additional capital, Vic.ai is poised to bring tangible value to enterprises operating across multiple sectors — from banking and finance to retail and hospitality — through automated financial management processes that are faster, more accurate, easier to use — and even more affordable than many legacy solutions currently used in the space today.
