Vic.ai, a startup that automates accounting, has raised USD 52 million through a fresh funding round announced this week. XFO Financials Inc.
The Series C round was led by existing Vic.ai investors GGV Capital and ICONIQ Growth. Cowboy Ventures and Costanoa Ventures, two additional returning backers, also took part. The company has received USD 115 million in outside funding altogether. Vic.ai offers businesses a platform for managing accounts payable, or the procedure of paying suppliers for goods and services.
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The startup’s platform makes extensive use of artificial intelligence to automate the task’s manual labor. By streamlining their accounting processes, companies have reportedly saved close to USD 200 million, according to Vic.ai.
Read More: Vic.ai raises $52M for its AI-powered accounting automation platform
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