# Vic.ai

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/vic-ai

- Industry: Software
- Headquarters: New York, US
- Website: www.vic.ai
- Total disclosed funding: $101M
- Latest round: Series C (Nov 3, 2022)
- Investors on record: 7

## About

Vic.ai, based in New York, specializes in artificial intelligence-driven accounts payable automation, enhancing financial efficiency and accuracy for businesses by streamlining invoice processing and financial workflows.Vic.ai was founded in 2016 in New York, US, focusing on automating accounts payable processes for businesses. The company has successfully raised a total of USD 38.00 mn in funding through a SERIES C round led by investors including Iconiq Capital, GGV Capital, Costanoa Ventures, and Cowboy Ventures. Their most recent funding event occurred on November 3, 2022, supporting their growth strategy. The CEO and co-founder, Alexander Hagerup, has a background in financial technology and innovation.Vic.ai specializes in artificial intelligence-driven accounts payable (AP) automation software designed to enhance financial efficiency and accuracy for businesses. Their flagship product offers autonomous invoice processing that minimizes errors and accelerates financial workflows, enabling companies to reduce manual workloads and expedite month-end closing processes. Vic.ai's platform is purpose-built for finance leaders, targeting CFOs, controllers, and AP managers to provide real-time insights into corporate expenses and streamline operations. The software integrates various functionalities, including expense management through VicCard™, analytics for performance insights, and unified controls over non-payroll corporate expenses. Vic.ai serves a diverse client base across multiple industries, including freight and logistics, construction, manufacturing, and retail, primarily in North America and expanding into European markets.Vic.ai employs a subscription-based revenue model, generating income through partnerships with businesses that leverage their AP automation solutions. Clients typically engage in contractual agreements that provide access to the platform's features, including invoice processing and expense management tools. This model allows businesses to choose plans that best fit their operational needs, with specific offerings tailored to enhance efficiency and reduce costs associated with traditional AP methods. Each transaction aligns with Vic.ai's core products, such as their autonomous invoice processing and analytics services, facilitating smooth financial operations for organizations seeking to improve their fiscal management.In November 2022, Vic.ai raised USD 38.00 mn in SERIES C funding to accelerate its platform by adding industry-pioneering modules in 2023. The company is targeting expansion into European markets to broaden its client base, leveraging recent funding to enhance product offerings and market reach.

## Funding rounds

- Series C, Nov 3, 2022, $38M — Granite Asia, Costanoa Ventures, Cowboy Ventures, ICONIQ Capital
- Series B, Sep 1, 2021, $50M — Granite Asia, Costanoa Ventures, Cowboy Ventures, ICONIQ Capital
- Series A, Sep 5, 2019, $11M — Granite Asia, Costanoa Ventures, Cowboy Ventures
- Seed, Aug 1, 2017, $1.5M — Cowboy Ventures, Connectivity Ventures Fund, Planet 9 Venture, Axan Ventures

## Investors

- Cowboy Ventures (https://capitalatlas.ai/funds/cowboy-ventures) — Seed, Series A, Series B, Series C
- Connectivity Ventures Fund (https://capitalatlas.ai/funds/connectivity-ventures-fund) — Seed
- Planet 9 Venture — Seed
- Axan Ventures — Seed
- Granite Asia (https://capitalatlas.ai/funds/granite-asia) — Series A, Series B, Series C
- Costanoa Ventures (https://capitalatlas.ai/funds/costanoa-ventures) — Series A, Series B, Series C
- ICONIQ Capital (https://capitalatlas.ai/funds/iconiq-capital) — Series B, Series C