SpendRule exits stealth with $2M funding to help hospitals track spending

After completing a five-year non-compete period following the sale of his healthcare startup, Chris Heckler found himself angel investing and realizing he was too young to step away from the industry. “I wanted to get back into it,” he told TechCrunch.

Meanwhile, Joseph Akintolayo had just exited his fintech venture. Although bound by a non-compete agreement, he was exploring new business ideas and reached out to Heckler, leveraging a prior advisory relationship.

During this transition period, the two founders decided to collaborate, combining Heckler’s industry network with Akintolayo’s expertise in AI and supply chain management to build a new solution.

The outcome was SpendRule, an AI-driven platform launched last summer to help healthcare organizations monitor their expenditures. The company officially exited stealth mode on Tuesday, securing $2 million in funding led by Abundant Venture Partners, with additional participation from MemorialCare Innovation Fund and Zeal Capital Partners.

Currently, healthcare systems rely on a three-way match process for items with barcodes, linking purchases to invoices. However, Akintolayo, the company’s CTO, noted that many hospital purchases—such as maintenance, janitorial, translation, or laundry services—lack barcodes or easily identifiable receipts.

Managing these complex transactions often leads to overspending. SpendRule ensures hospitals pay only what was agreed upon in their contracts. Integrated with existing enterprise resource planning, contract management, and accounts payable systems, it validates invoices by pulling data from contracts, invoices, internal databases, and vendor records before payment is authorized.

The platform flags discrepancies and guides teams on payment decisions. Historically, hospitals hired auditors biennially or manually reviewed each invoice—a tedious process ripe for AI automation. Major health systems, including Kettering Health, MemorialCare, and MUSC Health, are already using the platform, Akintolayo said.

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Heckler and Akintolayo launched the company last summer and closed their initial funding round by Halloween, largely thanks to Heckler’s industry connections. “We were able to painlessly close that initial round and use that to grow the team to support the customers,” he said. The new capital will fund hiring and further development of the company’s AI infrastructure.

While Heckler views existing invoice auditors like SpendMend and GHX as competitors, Akintolayo emphasized that SpendRule’s key differentiator is its focus on non-barcode services—the specific types of items hospitals purchase.

“Our goal is to build a more resilient hospital system,” Akintolayo said. “That’s our vision. To protect the bottom line of everyone by connecting their data and helping them make better decisions.”