A Boston startup making the real estate accounts payable process easier has closed an $8 million Series A.
Venture capital firm RET Ventures led the round for PredictAP, with additional funding from Wise Ventures. This was the first institutional funding for the startup.
David Stifter, PredictAP CEO and founder, along with cofounder Russell Franks, created the AI-powered real estate invoice processing company in 2020 when he became aware of a gap in the market for technologies that address a particular aspect of accounts payable.
The technology is targeted at property management companies, and is meant to eliminate the need to process invoices by hand. Property management companies need to code invoices based on where the payment is from or who it is going to, and often requires a time-intensive process that involves scanning and manual data entry.
The companies PredictAP has already brought on process thousands of invoices each month.
Accounts payable processes often rely on institutional knowledge; PredictAP helps document it so firms are not so reliant on any one employee.
The automation reduces the time it takes to process an invoice by approximately 90%, according to PredictAP.
There is invoice coding technology out there that is industry-agnostic, but none that specifically serves the real estate industry in this manner, according to Stifter.
Paying a company’s bills is “not a glamorous problem, but a big problem,” Stifter said. PredictAP has approximately 50 customers currently, which jointly process approximately 2 million invoices per year. With the new funds, the startup hopes to add 100 more, said Stifter.
In addition to onboarding more customers, the funding will be used to broaden the property management technologies that PredictAP integrates with, including Yardi, Nexus and RealPage. The startup also plans to bring on three to four additional employees, adding to its current 19.
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