PredictAP Raises $3.4 Million in Preferred Seed Funding Round to Launch Intelligent Invoice Capture™ Solution
Team and Infrastructure Expansion, and Go to Market Efforts Now in Motion
PredictAP, a machine-learning enabled invoice capture solution for real estate accounts payable (AP), announced the close of its successful preferred funding round. The $3.4 million raised from real estate industry veterans includes conversion of a $600,000 note raised in August 2020 to kick off development work and file provisional patents related to novel use of machine learning to solve invoice coding, and now to bring PredictAP to market in Q2 2021.
PredictAP is the first and only invoice capture solution designed for real estate AP. Powered by machine learning, PredictAP leverages historical invoice data to rapidly and accurately code new invoices, resulting in improved AP team efficiency, faster payment cycle times and reduced AP related costs.
“The real estate industry processes millions of invoices each year,” says PredictAP co-founder David Stifter. “The staggering amount of manual work required to do this is a massive drain on resources. The backing of so many industry veterans reinforces the fact we are solving a real and pressing problem.”
Real estate-specific AP automation platforms like Yardi Payscan and Nexussytems have seen increasing adoption by the industry, but generally focus on managing review and approval workflows once an invoice has been captured. Traditionally the capture and coding of invoices is still done manually by a company’s in-house AP team even after they have implemented an AP automation platform. PredictAP has been built from the ground up as a state-of-the-art SaaS solution designed to complement the AP automation platforms that are already transforming the AP process across the real estate industry.
PredictAP Benefits for Real Estate AP
- Improved AP Efficiency - More invoices processed per AP specialist, per day
- Faster AP Cycles - Eliminating manual data entry increases speed and enables leveraging AP automation platforms earlier
- Reduced AP Costs - Aside from speed and efficiency gains, duplicates, errors, and inconsistencies are flagged for correction before being sent up the value chain
- Fraud Prevention - Automatic flagging of aberrations that help detect and prevent fraud attempts
- Increased Visibility & Control - Unprecedented transparency and control over AP operations that enables reporting and auditing
- Seamless Integration via Partner APIs - Direct API integration streamlines set up and data sharing, and minimizes reliance on IT support for implementation
- Data Security - Cloud first, AWS hosted, and built from the ground up to built the higher standards of cybersecurity
President and co-founder Russell Franks outlines PredictAP’s future plans. “As we prepare to go to market in Q2 2021, we wanted to launch with a scalable solution that was truly cloud-first and felt ready to deliver on our promise to our customers,” he says. “We will be expanding our team, bolstering our infrastructure, and taking the leading position in the invoice capture space.”
PredictAP is the first and only Intelligent Invoice Capture™ solution designed for the complexity of Real Estate AP.
Using machine learning, PredictAP ingests and codes invoices, and integrates with your trusted AP workflow for review, approval, and payment. When paired with industry-leading AP automation solutions, PredictAP delivers massive cost savings and productivity growth.
Founded in 2020 by a team of real estate, accounting tech, and artificial intelligence industry alumni, PredictAP is based in Boston, Massachusetts.