![]() Prior to co-launching Vic.ai, Hagerup founded the Online Backup Company, a European backup and disaster recovery service provider. Vic.ai was founded in 2017 by Hagerup and Kristoffer Roil, both Norwegian entrepreneurs. "'AI' has been a hot concept for many years, but large enterprises are just now getting to the point where they're ready to adopt at scale, and they're doing so with a focus on specific functions such as accounting and finance." "In this next stage of growth, Vic.ai will capitalize on the market’s urgent need to automate other elements of finance by expanding its AI solution to manage and analyze all these tasks," Hagerup told TechCrunch in an email interview. The new cash brings Vic.ai's total raised to $115 million, which CEO Alexander Hagerup says is being put toward customer acquisition in North America and adding purchase order match, payment execution and "spend intelligence" capabilities to the Vic.ai platform. As something of a case in point, Vic.ai, which bills itself as an accounting automation platform, today announced that it raised $52 million in a Series C funding round led by GGV Capital and ICONIQ Growth with participation from Cowboy Ventures and Costanoa Ventures. That's not suggest accounting-focused AI isn't profitable - on the contrary. ![]() That's perhaps why a number of startups have sprung up in recent years offering AI-powered products aimed at automating accounting tasks, like redacting sensitive info in paperwork and filing forms across different departments. AI is an imperfect technology, but one task at which it excels is identifying patterns in vast amounts of data.
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