“That is largely what is in use today and we do compete with all of that. “Everything else out there is legacy … and rules-based,” he said.
Vic.ai aipowered 50m series iconiq software#
Hagerup said that Vic.ai’s technology is fundamentally different from more traditional accounting software applications. and HireQuest, as well as accounting firms like KPMG, PwC, BDO, and Armanino LLP. “Our AI knows when to plug in a human when it is uncertain.”Įnterprise customers include Swedish real-estate management company, HSB, Intercom Inc. “For certain transactions, there are still humans in the loop, we have not invented something that just eradicates accountants from the Earth,” said Hagerup. There are times when human accountants must be brought in to straighten things out. Human interactions are not completely removed, though, he added. “The only thing we did for nearly three years was data science and create machine learning algorithms, and we just tried to get them to work before we even thought about any commercialization of our technology,” he said. Hagerup said the company began its development work about five years ago with a massive data set of documents and their corresponding journal entries to begin creating its vision. The latest funding round for the company was led by ICONIQ Growth with participation from existing investors GGV Capital, Cowboy Ventures and Costanoa Ventures. “Our whole business is based around the core AI capabilities we have, which is actually prediction algorithms.” Those are tasks that are traditionally done by accounting teams, but the application frees them up for more important business tasks, he said. The AI sits in there and it is able to understand documents and transactions, make accounting decisions and create journal entries.” “The AI is great at making non-deterministic decisions. “The essence of the core AI engine is that accounting transactions require accounting decision-making to be accurately posted into the ledger,” Alexander Hagerup, the CEO and co-founder of Vic.ai, told EnterpriseAI. The Vic.ai platform intelligently learns from historical data and existing processes to deliver what it calls an “Autopilot” for invoice processing and other functions, leading to significant reductions in time spent on tasks by humans, fewer errors, elimination of duplicates and improved integrations with other systems and process flows. Vic.ai brings AI, computer vision and autonomous approval flows to a customer’s back-office financial operations, without using predefined rules or templates like traditional accounting applications, according to the company. The $50 million round brings the company’s total funding so far to $63 million. and European customers, the company announced on Sept. The latest cash infusion will be used to grow its customer base for its enterprise product and add new capabilities for U.S.
Vic.ai aipowered 50m series iconiq series#
Vic.ai, a four-year-old enterprise accounting software company that uses AI to intelligently learn from user inputs and a customer’s historical accounting data, has secured another $50 million in Series B funding from its investors.
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