Plate IQ

Plate IQ operates as a B2B software-as-a-service (SaaS) provider, generating revenue through subscriptions to its platform. Initially focused on the complex AP needs of the restaurant and hospitality sectors, the company has since expanded to serve a broader range of industries, including hotels, resorts, country clubs, grocery stores, and accounting firms. The platform is designed for businesses with high invoice volumes, helping them to digitize and streamline their financial operations. In November 2021, the company secured $160 million in Series B funding from FTV Capital to accelerate its expansion and product development.

The core of the business is a cloud-based platform that uses machine learning to automate the entire accounts payable lifecycle. Key features include automated invoice data capture, which digitizes invoices down to the line-item level with high accuracy, eliminating manual data entry. The system automatically codes invoices to the correct general ledger (GL) accounts and syncs this data with various accounting systems. It offers customizable approval workflows, allowing businesses to route invoices for approval based on specific rules. The platform also includes a bill payment feature called VendorPay, enabling users to pay vendors via ACH, check, or virtual card directly from the system, and even earn cash back on certain digital payments. Additional functionalities include spend management, inventory tracking, real-time food costing, and analytics that provide insights into spending patterns.