$100M Raised to Automate Accounts Payable with AI

Nov 23, 2023

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Welcome to The SaaS CFO Podcast! In this episode, our host, Ben, sits down with Alexander Hagerup, the co-founder and CEO of VIC AI. Alexander shares his background growing up in Norway with parents who were small business owners, and how his fascination with accounting and finance led him to start several successful companies.

He then dives into the products and services offered by VIC AI, which focuses on revolutionizing the accounting process through autonomous algorithms and AI technology. The main focus currently is on the accounts payable process, with plans to expand into other areas of accounting in the future.

Alexander also discusses the state of AI in accounting and the importance of accuracy and scalability in making AI solutions work effectively in real-life scenarios. Join us as we explore the world of AI-powered accounting with Alexander Hagerup. Let's get started!

Show notes:

[00:01:50] The speaker observed accounting at scale, realizing its global similarity and the need for efficient transaction processing.

[00:03:34] Vic AI aims to create autonomous accounting processes, with AI capable of working independently and seeking human help when needed. It also focuses on providing financial insights from accounting data, starting with the accounts payable process.

[00:10:10] Company focuses on accounts payable but aims to expand to broader AI applications; foresee AI-run business functions emerging in the future.

[00:13:27] We work with large companies for greater AI benefits, ROI.

[00:17:20] GGB supports our future vision, building capital-intensive software and AI business, with high value for customers.

[00:20:27] Attracting experienced talent and maintaining a solid balance sheet are important for growth and customer confidence.

[00:21:55] Finding investors aligned with long-term strategy is crucial. A shared mission and vision fosters belief in the future despite challenges.

[00:26:23] Excited about AI-based purchase order matching, launching bill pay, expanding AI-based accounts payable process, and broadening to adjacent accounting processes.

Links:

SaaS Fundraising Stories: https://www.thesaasnews.com/news/vic-ai-raises-50-million-in-series-b

Alexander Hagerup’s LinkedIn: https://www.linkedin.com/in/alexanderhagerup/

Vic.ai’s LinkedIn: https://www.linkedin.com/company/vic.ai/

Vic.ai’s Website: https://www.vic.ai/

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