PredictAP has announced the close of a $8 million series A funding round intended to fuel continued growth for our AI-powered invoice ingestion and coding solution. The round was led by leading real estate technology venture capital firm RET Ventures, with additional participation from Wise Ventures.
The only automated AP solution that performs both invoice ingestion and coding, PredictAP reduces the amount of time needed to process each invoice by 80-90%. PredictAP’s machine learning-powered solution also improves the accuracy and consistency of invoice coding.
The platform integrates easily with Yardi, the largest property management software, providing users with an end-to-end AP workflow automation solution that results in significant time and cost savings for the AP process.
Removing manual data entry from the front end of AP relieves a significant source of pain for real estate companies, said PredictAP CEO David Stifter—a pain that had persisted without an adequate solution. “The market offered no good solution that also catered to real estate or could be easily implemented. We built PredictAP to solve this specific issue while offering seamless implementation to offer maximum impact with minimal effort.”
Since its launch, PredictAP has rapidly grown its customer base, now supporting over 50 real estate companies, who jointly process approximately over 2 million invoices per year. The fintech solution is utilized by major real estate companies including Bridge Investment Group, Garden Homes,The RMR Group, Starwood, and CA Ventures.
The funding infusion will fuel PredictAP for another year of rapid growth and expansion plans, including:
- Additional hiring in product, sales, marketing, and engineering
- Expanding internationally with Yardi customers in Europe and English-speaking Asia-Pacific countries
- Developing additional integrations for customers using Nexus, RealPage, and Entrata
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