The world, as we know it, is living through a period of extraordinary change, and a big driver of this change is artificial intelligence (AI) and machine learning (ML). AI and ML have become intertwined with every aspect of human lives, including business, bringing on intelligent solutions, and transforming the work processes. Over the years, the hype around AI has become intense, and understandably so. Despite the sharp increase in enterprise AI adoption, confusion lingers between a true AI and an AI-enabled company. However, while weaving AI heavily into their narrative, only a few companies have provided groundbreaking solutions to real problems.
One such company is Vic.ai—a leader in autonomous accounting and financial intelligence. Born with a singular focus on bringing the accounting industry into the next era of intelligent accounting, Vic.ai strives to improve human performance in an industry that has been drastically underserved in technology innovation. Vic.ai—a true AI company from the ground up— builds AI for real-time, autonomous enterprise accounting paired with prescriptive intelligence to optimize financial decision-making and ROI. Designed specifically for large accounting and outsourced CFO firms and corporate finance departments, Vic. ai is a cloud-based platform that helps users perform accounting work more efficiently and accurately. The platform empowers accountants, CFOs, controllers, and accounts payable (AP) teams with AI, reducing errors in invoice processing, approval workflows, and electronic payment processing. “We are not one of those companies that actually leverage tools and templates and a bunch of people in some offshore location to mimic AI. Vic.ai is an actual AI startup that delivers real AI algorithms that actually work to solve real problems,” begins Alexander Hagerup, co-founder, and CEO, Vic.ai.
At the core, autonomy and intelligence form the two key pillars that strengthen the foundation of Vic.ai’s accounts payable automation platform. In essence, the autonomy aspect involves creating AI algorithms that allow performing transactional accounting tasks and cost-side accounting autonomously by learning from clients’ data and their accounting team without human intervention. “We present a mix augmentation and complete autonomy. The longer you use our platform, the more autonomy you get. This autonomy element of the platform is all about driving and developing a technology that can reason and make decisions on its own,” says Hagerup. The unique approach to introduce autonomy in the accounting processes has been a game-changer for industries like construction that have large amounts of incoming invoices and a limited number of executives to manage them. Besides, with Vic.ai, CFOs and controllers from high-growth enterprise finance teams can keep headcount under control, increase security, and reduce costly errors due to poor internal controls. The accounts payable executives can automatically enter invoices into accounting systems for human review, in addition to allowing the AI to manage repetitive tasks, driving dramatic cost savings and profit margin improvements. Vic. ai’s clients can also expect to complete their invoicing processes and get them approved 80 percent faster than the industry standard.
The intelligence component, on the other hand, is focused on deriving valuable information from financial transactions. This real-time information enables visibility into their spending, drives better decision-making, and creates a competitive advantage with data insights. Hagerup explains that the intelligence piece can be instrumental in vendor optimizations, for instance.
“We understand what the price of a commodity should be. If you are overpaying for that, we enable a structured and smart way to perform optimizations,” he adds.
We present a mix augmentation and complete autonomy. The longer you use our platform, the more autonomy you get. This autonomy element of the platform is all about driving and developing a technology that is able to reason and make decisions on its own
Vic.ai ensures that finance teams have a successful transition to AI. In doing so, the company has built several integrations into software such as Quickbooks and Bill.com, connecting Vic.ai to key ERP/accounting systems that allow users to ingest master data and supplemental information from any ERP system via the platform’s open API and common data model. Vic.ai is deployed and connected to the client’s ERP system, whereby they can direct all of their incoming vendors’ invoices through the platform to extract, classify and communicate information within the ERP system, thereby taking over what the human components are doing today.
A Testimony of Excellence
Putting theory into practice are many success stories that Vic.ai has scripted for its clients since its inception in 2017. Hagerup cites a recent case study wherein Vic.ai’s life-changing accounts payable automation platform laid HSB’s Modern Home foundation. As a large real estate management company, HSB manages over 4,500 properties with about 300 accountants in their accounting department, who process nearly 1.5 million invoices a year. HSB’s existing scanning technology for accounts payable and straight-through processing involved manual coding and classification of every invoice, requiring an average of five to six minutes to process an invoice. In an ambitious bid to future-proof its business, the company was in dire need of innovation in its century-old back-office financial operations. This is where Vic.ai stepped in with its intelligent platform that allowed autonomous management of AP workflows with zero human touch or review.
In what was a proper validation of success, Vic.ai drastically reduced HSB’s average invoice processing time to 30 seconds per invoice. With over 200 HSB employees using Vic.ai, the client was able to save more than 25,000 hours in a year—the massive amount of time that the finance employees can now use for more important business aspects, such as corporate strategy, real estate needs, and capital investments.
Similar success stories demonstrate the value of meaningful technology that Vic.ai brings to the table. The company draws on its dynamic team's rich experience and expertise of leading AI engineers, who have spent the last five years meticulously engineering a state-of-the-art solution. With a vision to produce measurable results for clients along their AI journey, Vic.ai looks forward to expanding its market in both Europe and the US while also focusing on augmenting the capabilities of the AI engine and the platform at large.
Vic.ai Secures $50 Million to Spur Artificial Intelligence Adoption within Enterprise Finance and Accounting
System Delivers Autonomous Accounting and Prescriptive Intelligence to Improve Back-Office Productivity and Optimize Financial Decision-Making
NEW YORK - Vic.ai today announced $50 million in Series B funding to spur adoption of its pioneering AI platform for real-time, autonomous accounting and financial intelligence. The Series B funding was led by ICONIQ Growth with participation from existing investors GGV Capital, Cowboy Ventures and Costanoa Ventures, bringing total capital raised to $63 million. Vic.ai plans to use the new funding to expand its enterprise offering and release additional AI capabilities for U.S. and European customers.
Vic.ai was launched in 2017 to build fully autonomous AI systems that make finance and accounting teams more efficient, accurate, and intelligent. The company’s AI platform has now processed more than 535 million invoices with 95 percent accuracy, helping 2,000+ corporate finance and accounting clients achieve nearly $70 million in cost savings and six million hours in time savings. Enterprise customers include HSB (Sweden’s largest real-estate management company), Intercom Inc. and HireQuest, as well as top accounting firms like KPMG, PwC, BDO, and Armanino LLP.
Vic.ai adds sophisticated artificial intelligence, computer vision and autonomous approval flows to a company’s back-office financial operations. Unlike legacy systems that are based on predefined rules or templates, Vic.ai’s platform intelligently learns from historical data and existing processes to deliver what it calls an “Autopilot” for invoice processing and other functions. That leads to significant reductions in time spent, fewer errors, no duplicates, effective approvals and seamless integrations with other systems and process flows.
“As growth investors, we’re focused on marrying bold innovation and deep experience, which is why we’re so excited to help Vic.ai bring AI into the heart of enterprise accounting and finance,” said Will Griffith, founding partner at ICONIQ Growth, who joins Vic.ai’s board. “We’ve been fortunate to partner with many of the best B2B cloud software companies and financial software pioneers like Adyen, Bill.com, Blackline, Coupa, HighRadius and Ramp. The Vic.ai team demonstrates the same passion, product focus and customer-first mentality that we see in other exceptional founders.”
“It’s 2021, and it’s high time for finance and accounting teams to embrace AI technology,” said Alexander Hagerup, CEO of Vic.ai. “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. We can help companies scale back on low-value activities like invoice processing, and we can drive higher-value functions like spend intelligence, benchmarking and cost optimization.”
Over the past year, Vic.ai continued to push boundaries and released two new products, Autopilot and Autonomous Approval Flows, which provide the foundation for truly autonomous accounting. In addition, the company earned Service Organization Control (SOC) 2 certification and won several awards, including The 2021 Top New Products for AP Tools by Accounting Today and the 2021 Rethink Award for Innovation & Technology by BDO Alliance USA.