- Large firms like McKinsey, PwC, and Deloitte continue to dominate the professional services industry, but technology startups are generating buzz by disrupting the way firms traditionally do business.
- Vic.ai, a startup that automates accounting tasks, has raised $12.7 million in three rounds of funding.
- The startup shared its Series A pitch deck, which generated $11.2 million from investors last year, with Business Insider.
- Visit Business Insider’s homepage for more stories.
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.
Here’s the pitch deck that Vic.ai used to raise its Series A round of funding. The firm redacted some details before providing the deck to Business Insider.
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