The Rise of AI in Accounting
Artificial intelligence (AI) has become an integral part of various industries, and accounting is no exception. One area where AI excels is identifying patterns in vast amounts of data, making it a valuable tool for automating accounting tasks. Several startups have emerged in recent years, offering AI-powered products to automate tasks such as redacting sensitive information in paperwork and filing forms across different departments.
Vic.ai: A Pioneer in Accounting Automation
Vic.ai, an accounting automation platform, has announced that it raised $52 million in a Series C funding round led by GGV Capital and ICONIQ Growth, with participation from Cowboy Ventures and Costanoa Ventures. This significant investment brings Vic.ai’s total raised to $115 million, which will be used for customer acquisition in North America and expanding the company’s AI solution to manage and analyze various tasks.
The Vision of Alexander Hagerup
In an email interview with TechCrunch, CEO Alexander Hagerup shared his vision for the future of accounting automation. "We’re entering a new stage of growth, where we’ll capitalize on the market’s urgent need to automate other elements of finance," he said. "Large enterprises are now ready to adopt AI at scale, and they’re focusing on specific functions such as accounting and finance."
A Norwegian Success Story
Vic.ai was founded in 2017 by Hagerup and Kristoffer Roil, both Norwegian entrepreneurs with a proven track record in the tech industry. Before co-launching Vic.ai, Hagerup founded the Online Backup Company, a European backup and disaster recovery service provider. Roil spearheaded the founding of Telipol, a wireless carrier in Norway that was later acquired by Hudya Group, a Nordic fintech company.
Training the Platform
Hagerup and Roil built the first iteration of Vic.ai by training the platform on a vast amount of data. They used machine learning algorithms to identify patterns and develop a sophisticated AI-powered system that could automate various accounting tasks.
A Key Differentiator: Purchase Order Matching Technology
Vic.ai has invested heavily in building out its AI-powered purchase order matching technology, which it sees as a key differentiator from competitors. This technology allows companies to automatically match purchase orders with invoices, reducing errors and increasing efficiency.
Raising the Bar for Competitors
To beat back its rivals, Vic.ai has expanded rapidly, tripling its headcount to 106 employees this year. The company is well-positioned to take on the likes of Topico, which raised $270 million at an $8.3 billion valuation last December.
The Future of Accounting Automation
As AI continues to transform various industries, accounting is no exception. Vic.ai’s success demonstrates that AI-powered accounting automation is not just a trend but a reality that will shape the future of finance and accounting.
About Kyle Wiggers
Kyle Wiggers is a senior reporter at TechCrunch with a special interest in artificial intelligence. His writing has appeared in VentureBeat, Digital Trends, and various gadget blogs. He lives in Brooklyn with his partner, a piano educator, and dabbles in piano himself.
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