Vic.ai

Vic.ai offers an autonomous solution for processing supplier invoices, including data capture, matching against purchase orders, and routing approvals between the relevant people in the organization. The engine was built and trained on more than a billion invoices, allowing it to handle a wide range of formats and suppliers with high confidence. The system aims to minimize human involvement in the process as much as possible, so finance staff can focus on handling exceptions instead of routine processing.

The tool is mainly aimed at large organizations and offices handling high volumes of invoices and payments, where every percentage point of processing-time savings translates into meaningful financial savings. It’s an enterprise-level solution with custom pricing rather than an off-the-shelf product for a small business, and the upfront investment is usually justified only above a certain activity volume. The company has raised $115 million in funding to date, reflecting significant investor confidence in the product’s capability.

In terms of cost, an example contract of around $25,000 a year has been seen through the AWS Marketplace, a figure that underscores this is a premium solution aimed at organizations with a suitable budget, not the average business. Given the complexity and cost, the implementation process may require time and adaptation to existing systems within the organization. It’s also worth considering that this is a generic global solution not tailored to the specific requirements of local reporting in Israel.