Vic.ai, an accounting automation platform, has raised $52 million in a Series C round of funding, which was led by ICONIQ Growth and GGV Capital with participation from Costanoa Ventures and Cowboy Ventures.
The new funds totals Vic.ai’s funding to $115 million, which according to CEO Alexander Hagerup, is being used for customer acquisition in North America and to add purchase order match, “spend intelligence” capabilities and payment execution to the Vic.ai platform.
Vic.ai was founded by Hagerup and Kristoffer Roil, both Norwegian entrepreneurs, in 2017. Before co-launching Vic.ai, Hagerup founded the Online Backup Company, a European backup and disaster recovery service provider.
Vic.ai primarily handles invoice processing, leveraging the certain algorithms to select invoices and expenses that meet a specific confidence threshold and automatically send them to approvers.
The platform also determines the number of steps present in an invoice approval process and automatically decides which employee needs to review each step.