# Plate IQ

- Link: https://100xfounder.com/startup/plate-iq/
- Published: 2024-01-01T00:00:00+05:30
- Author: Ishaan Vardhan

Plate IQ began as accounts payable software for restaurants: it read supplier invoices,
coded them to the right accounts and helped restaurants pay suppliers. It has since
renamed itself Ottimate, and the old plateiq.com address now redirects to ottimate.
com. The agency that handled the rebrand, Altitude Marketing, said the company wanted
a name that would let it expand beyond restaurants into the wider office of the 
CFO, regardless of industry.

Ottimate describes itself as AI-powered AP automation for profitable finance teams.
The product captures and codes invoices, routes them for approval, catches cost 
discrepancies and invoice risk, checks purchase-order fulfilment, manages employee
spend and pays vendors directly. It integrates with accounting systems including
NetSuite, QuickBooks, Sage, Acumatica and Microsoft Dynamics, and targets hospitality(
restaurants, hotels, casinos, country clubs), senior living, grocery and retail,
healthcare practices and accounting firms. Its site says it has been named a Leader
in two IDC MarketScape reports.

In November 2021, as Plate IQ, it raised a $160 million Series B from the growth
equity firm FTV Capital, whose partners joined its board. At the time it said it
had added more than 8,000 customers and processed over $2 billion of invoice payments
through its VendorPay network, and Global Corporate Venturing reported that it handled
more than 50,000 invoices a day. The announcement named Barrett Boston as chief 
executive, with Bhavuk Kaul moving to president.

Ottimate does not publish prices; businesses request a demo. It is aimed at finance
teams handling large numbers of supplier invoices across multiple locations.

_This profile is put together from the company’s own pages and published reporting,
checked on 15 October 2026. We have not tested the product, and nothing here is 
paid placement._