PredictAP, a machine-learning-enabled solution for invoice ingestion and coding in real estate accounts payable (AP), has recently announced the successful closing of its $8-million series A financing round. The round was spearheaded by RET Ventures, a prominent venture capital firm specializing in real estate technology, with additional investment from Wise Ventures.
As PredictAP reaches an inflection point, with rapidly accelerating customer growth in 2023, this raise will facilitate our expansion into new regions with our Yardi integration while growing our integration roster with other real estate focused platforms like Nexus, RealPage, and Entrata.Russell Franks, president and co-founder of PredictAP
PredictAP was conceived as a financial technology solution designed to streamline the processing and categorization of invoices within real estate accounting departments. In a typical month, large real estate enterprises grapple with thousands of invoices, each necessitating a laborious coding process reliant on manual data entry. PredictAP harnessed the power of artificial intelligence to address this challenge, culminating in a solution that harnesses historical invoice data to categorize new invoices accurately and efficiently. Subsequently, accounting professionals can swiftly verify the information in seconds.
PredictAP’s powerful technology is one of the most successful uses of artificial intelligence that we’ve seen in the real estate sector, and the impact it is already having is immediately apparent to its users. The company was an exceptional investment opportunity because of its accelerated sales cycle; the firm goes through the sales process, closing and technology deployment as quickly as any company we’ve seen. With approximately a billion invoices being processed globally each year, PredictAP is still in the early stages of its growth trajectory, and we’re excited to support the company as it scales in the years ahead.John Helm, RET Ventures Partner
Established in 2020, the Boston-headquartered company collaborates with real estate firms across residential, commercial, and senior living sectors. Its fintech solution is employed by leading real estate companies such as Bridge Investment Group, Garden Homes, The RMR Group, Starwood, and CA Ventures. Since its inception, PredictAP has experienced rapid expansion in its user base, now providing support to over 50 real estate companies, collectively processing an estimated total of over two million invoices annually.
PredictAP is the sole automated AP solution that handles both invoice ingestion and coding, slashing the time required to process each invoice by 80-90%. Powered by machine learning and integrating with property management software Yardi, PredictAP enhances the precision and uniformity of invoice coding, delivering users a comprehensive AP workflow automation solution that yields substantial time and cost efficiencies for the AP process.