On top of the core AI engine, the team at Vic.ai has built out sophisticated approval workflows and integrations to further streamline companies’ back-office financial operations. The result has been astonishing - Vic.ai now processes invoices with a degree of automation and accuracy we believe is far ahead of competition and defying all expectations. For years, the Vic.ai team trained its AI models with high-quality proprietary data consisting of invoices that were audited and correctly categorized. Over time, we believe Vic.ai can achieve over 95% accuracy with this powerful flywheel, resulting in significant cost savings especially for high-volume enterprise customers.īuilding this innovative engine undoubtedly took time and grit. With every decision that gets validated, the system becomes smarter and more customized for each customer.
Its core AI engine captured the correct data fields and made intelligent decisions on behalf of accountants, such as accurately picking expense categories. The co-founders and enthusiastic customers showed us live demos of how Vic.ai ingested and processed invoices. When we saw the product in action, we were immediately blown away by the extent of Vic.ai’s autonomous capabilities.
VIC.AI AIPOWERED 50M SERIES ICONIQ GROWTH SOFTWARE
No software has accomplished truly automating this time- and labor-intensive process, so when we first met Alex, we were very intrigued to understand what Vic.ai could deliver.
VIC.AI AIPOWERED 50M SERIES ICONIQ GROWTH MANUAL
Surprisingly, most accounting teams still do not have fully automated invoice-processing capabilities and spend significant time and resources on manual data entry and categorization.
We knew first-hand how manual and error-prone it is to enter, tag, and categorize invoices in the general ledger, and then send them for review, wait for approval, and finally make payments. Having been investors and partners to many leading companies in financial software, we deeply resonated with the problem Vic.ai is tackling. We are excited to support the company on their journey to augment and transform how enterprise finance teams and accountants work. ICONIQ Growth is thrilled to partner with Vic.ai as the lead investor in their latest $50 million Series B financing, announced today (read about the company’s press release here). The two founded Vic.ai in 2017 with a bold vision of delivering AI to the office of the CFO, starting with a focus on accounts payable. Alex Hagerup and Kris Roil hope to change that by building the next modern CFO platform. We live in a world with self-driving cars, ubiquitous access to mobile computing, and space tourism on the horizon, yet accounting processes are shockingly antiquated.
0 kommentar(er)
