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Plate IQ

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Formation2014
FounderBhavuk Kaul, Ram Jayaraman
Founded atEmeryville, California
TypePrivate
Legal statusActive
HeadquartersEmeryville, California
CEO
Bhavuk Kaul
CTO
Ram Jayaraman
Key people
Bhavuk Kaul, Ram Jayaraman
Websitewww.plateiq.com

Plate IQ is an American business and financial cloud software company that develops back office payments and accounting automation software for small businesses, bookkeepers and accounting firms.

Headquartered in Emeryville, California, with an office in New York City, Plate IQ’s platform automates invoice management and bill pay, provides expense management tools for businesses, and enables financial analysis and management of spend by business owners.

Plate IQ was founded in 2014 by Bhavuk Kaul and Ram Jayaraman to help restaurant owners automate their accounts payable. Today, the company serves over 10,000 businesses across restaurants, hospitality, accounting and construction.

Plate IQ’s investors include Y-Combinator, Initialized Capital, CEAS Investments, The Restaurant Group, Tamares and Eileses Capital


History[edit]

Plate IQ was founded in 2014 by Bhavuk Kaul, and Ram Jayaraman, both former executives at BlackBerry. Kaul and Jayaraman, Plate IQ’s CTO started working together to develop a startup idea for restaurants that they then demonstrated to a group of chefs[1]. By the end of the conversation, the chefs pointed out to both Kaul and Jayaraman that there was another problem that chefs were facing: manually inputting invoices into their accounting system which was a tedious and time-consuming process.[2]

Kaul and Jayaraman developed a smartphone-based solution where restaurant operators use their smartphone camera to snap a picture of invoices, and digitize the invoice into a database using Optical Character Recognition. One of Plate IQ’s earliest features allowed restaurants to easily view food price increases from one week to the next.[3]

Plate IQ was accepted into Y-Combinator’s accelerator program as part of its Summer 2015 [4] cohort. Plate IQ subsequently raised a Series A funding round in 2017, raising close to $10 million in funding since inception.

Philanthropy[edit]

In 2020, in response to the COVID-19 pandemic that decimated the restaurant industry in California, Plate IQ launched a non-profit, Gift A Plate. Gift a Plate partners with local restaurants to feed those most at risk of hunger. Donors can support restaurants while simultaneously supporting those in need of food.[5] Donations are used to buy prepared food from participating restaurants and deliver it to local charitable organizations, such as homeless shelters and food banks[6]

References[edit]

  1. Saxe, Lizzy. "Can Automation Revolutionize The Restaurant Industry? Plate IQ Thinks So". Forbes. Retrieved 2021-02-01.
  2. Saxe, Lizzy. "Can Automation Revolutionize The Restaurant Industry? Plate IQ Thinks So". Forbes. Retrieved 2021-01-25.
  3. "Plate IQ Turns Paper Invoices Into Predictive Insights". TechCrunch. Retrieved 2021-01-25.
  4. "Here Are The 52 Startups That Launched At Y Combinator Summer 2015 Demo Day 2". TechCrunch. Retrieved 2021-01-25.
  5. "About - Gift a Plate". giftaplate.org. Retrieved 2021-01-25.
  6. "Bhavuk Kaul, How Gift a Plate Is Trying To Help Local Restaurants, Hungry - socaltech.com". www.socaltech.com. Retrieved 2021-01-25.

Category:Accounting software Category:Accounts payable software

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