Plate IQ
“Can an AI-native AP automation platform become the embedded payments rail between hospitality operators and their vendors?”
HQSan Francisco, California, United States
Total raised$160M+ (Series B)
Latest roundSeries B, 2021
IndustryVertical SaaS / Restaurants
The story
Founded as Plate IQ, a restaurant-focused invoice automation and accounts payable platform. After a $160M Series B from FTV Capital in 2021, the company expanded its VendorPay payments network to close the gap between operators and vendors. The company has since rebranded to Ottimate, repositioning as an AI-first AP automation platform (#1 AP automation AI provider) extending beyond restaurants into broader hospitality and other verticals.
Last 12 months
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Product timeline
2021
Raised $160M Series B from FTV Capital; appointed Barrett Boston (ex-TriNet CRO) as CEO to expand VendorPay network· funding
2024
Rebranded from Plate IQ to Ottimate, positioning as AI-driven end-to-end AP automation beyond restaurants· pivot
The stack
Payments / PSP
Accounting gap: none