Vic.ai pitch deck to raise $11.2m Series-A round

This is the Vic.ai pitch deck to raise a $11.2m series-a round in 2019.

About

Vic.ai is a service that automates accounting and provides financial advice and support through the use of Artificial Intelligence (“A.I.”). Research estimates a 94% chance that most of the accounting industry will be automated ($100bn Industry in the US). Through more than 15 years experience in the Cloud Accounting space, and with access to more than 100+ million accounting documents and transactions, Vic.ai is the world’s first AI Accountant.

Some of the modules:

Vic Vision Developed proprietary language independent document interpretation technology based on computer vision and object-based image classification.

Vic Brain The system automates bookkeeping using our highly effective machine learning algorithms trained on more than 100 million real accounting transactions.

Cloud API Our API connectors allow inflow of data from various systems like Payroll, Expenses, HR Systems and Bank, while our output API’s ensure the data is correctly placed into your Accounting system.

Professional services in the US is a massive, $2 trillion industry that is dominated by the Big 3 management consultancies — McKinsey, Bain, and BCG — and Big 4 accounting firms — Deloitte, KPMG, PwC, and EY.

But technology poses a threat to big firms, and innovative startups are seizing opportunities to earn a slice of the consulting industry pie. One such startup, Vic.ai, earned $11.2 million in its Series A funding round in 2019.

Vic.ai uses machine learning to automate accounting tasks like automatically approving bills and making electronic payments. Its AI software can also read different documents and suggest what a user should do with them and predict how to post a bill to clients’ general ledgers.

The New York-based company, which was founded in 2016, netted cash from GGV Capital, Cowboy Ventures, and Costanoa Ventures in its series A funding round last year. Previous funding rounds in 2017 have raised the startup a total of $12.7 million, according to data from Crunchbase.

In Vic.ai’s pitch deck, the company outlines its vision for the future of automated accounting and says it hopes to be a resource both for companies that want to do more of their own accounting tasks as well as for accounting firms looking to work more effectively.

Vic.ai’s current clients include PwC, Nomad Financial, and GHG Logistics.

Funding rounds

Announced Date	Transaction Name	Number of Investors	Money Raised	Lead Investors
Sep 1, 2021	Series B – Vic.ai	4	$50M	ICONIQ Capital
Sep 8, 2019	Series A – Vic.ai	3	$11.2M	GGV Capital
Aug 1, 2017	Seed Round – Vic.ai	4	$1.5M	Cowboy Ventures
Apr 15, 2017	Convertible Note – Vic.ai	2	—	—