PredictAP, a cutting-edge machine-learning solution for automating invoice processing and coding in real estate accounts payable (AP), has successfully closed an $8 million Series A funding round. Led by RET Ventures, a prominent venture capital firm specializing in real estate technology, with additional investment from Wise Ventures, this funding boost will fuel PredictAP’s expansion into new markets and enhance its integration with real estate management platforms, including Yardi.
As PredictAP experiences rapid growth in 2023, this capital infusion will support its strategic initiatives, including expanding its platform’s capabilities and integrating with other real estate-focused systems to streamline operations for property management companies.
Founded in 2020, PredictAP addresses a critical challenge in real estate accounting: the labor-intensive and error-prone task of processing and categorizing invoices. Real estate companies often handle hundreds, if not thousands, of invoices each month, requiring manual data entry for accurate coding. PredictAP leverages AI to tackle this problem by using historical invoice data to automatically classify new invoices, allowing accounting teams to verify information in seconds, significantly reducing the time spent on manual tasks.
This innovative AI-powered solution has made a significant impact on real estate businesses, with users reporting up to 80-90% time savings in invoice processing. By automating both the invoice intake and coding processes, PredictAP helps companies save valuable time and resources, driving efficiency in the accounts payable workflow.
The company’s rapid sales cycle and strong market adoption have positioned it as a leading player in the real estate fintech space. With over 50 real estate companies already using its platform and processing an estimated 2 million invoices annually, PredictAP is poised for continued growth as it expands its reach across the residential, commercial, and senior living sectors.
The platform integrates seamlessly with Yardi and other property management software, enhancing the accuracy and consistency of invoice coding while providing a comprehensive AP automation solution that improves both time and cost efficiencies. With about a billion invoices processed globally each year, PredictAP is just getting started on its growth trajectory, and investors are excited to support the company as it scales.