Vic.ai is an AI-powered accounting automation platform that primarily handles invoice processing, leveraging machine-learning models trained on historical accounting data and reviewed journal entries. The platform selects invoices that meet confidence thresholds, automatically routes them to approvers, determines approval steps and assigns reviewers, and uses processed invoices to continuously improve its algorithms. Data on the platform is retained for seven years with a strict separation of U.S. and EU data for GDPR compliance, and the company makes efforts to discard personally identifiable information. Vic.ai plans to use new capital to drive customer acquisition in North America and add purchase order matching, payment execution and "spend intelligence" capabilities to the product. Operational metrics reported include 60 enterprise customers, an active user base that grew 280% versus 2021, and contracted ARR that tripled in 2022 compared to 2021 ($5 million). The company has rapidly expanded its team — tripling headcount to 106 employees — and positions its AI-first approach as a differentiator versus rules-based competitors in accounts payable automation. Vic.ai offers an AI-driven platform that automates enterprise accounting by learning from historical data and existing processes. The software is designed to increase automation in accounting workflows, saving time and reducing errors and duplicates. The company reports its platform has processed more than 535 million invoices with 95% accuracy. Customers mentioned include HSB, Intercom, HireQuest and accounting firms KPMG, PwC, BDO and Armanino LLP. Vic.ai recently raised a $50 million Series B led by ICONIQ Growth and has now raised $63 million in total. CEO Alexander Hagerup, who launched the company in 2017, has emphasized driving adoption of AI technology across finance and accounting teams. Vic.ai provides an AI platform that automates accounting workflows and leverages data to deliver advisory insights to accounting teams and finance departments. The platform integrates with existing accounting, expense, tax, and reporting systems, learns how teams work, and augments accountants to speed processing and improve accuracy. Vic.ai emphasizes both automation and analytical/strategic insights to support finance teams. The company is co‑founded by Alexander Hagerup (CEO), Kristoffer Røil (COO) and Rune Løyning (CTO). Vic.ai operates from headquarters in Midtown Manhattan with an engineering and development team in Oslo, and announced a third location in South Florida expected to open in Q4‑2019. The company plans to expand its team across engineering, product development, support, sales, and marketing.

Total raised

$113M

Funding rounds

3

Latest round

Series C

Latest activity

Dec 2022