Chris Heckler was approaching the conclusion of a five-year non-compete agreement following the sale of his previous healthcare startup. He expressed a clear desire to return to the entrepreneurial world.

Simultaneously, Joseph Akintolayo had recently sold his own fintech company. While also bound by a non-compete, he was actively exploring new business concepts. The two were already acquainted, as Akintolayo had previously advised on one of Heckler’s projects. During this period of transition, they decided to combine their strengths—Heckler’s industry relationships and Akintolayo’s expertise in AI and supply chains—to develop a new venture.

This collaboration led to the creation of SpendRule, an AI-driven platform introduced last summer designed to help healthcare organizations monitor their expenditures. The company officially announced its launch on Tuesday, accompanied by $2 million in funding. The investment round was spearheaded by Abundant Venture Partners, with additional participation from MemorialCare Innovation Fund and Zeal Capital Partners.

Currently, healthcare systems rely on a three-way match for barcoded items, linking purchases to invoices, as explained by Akintolayo, who serves as the company’s CTO. However, many essential services—such as maintenance, janitorial work, translation, and laundry—often lack barcodes or straightforward purchase records. These complex, non-standard purchases frequently lead to overspending due to the challenges in tracking them accurately.

SpendRule addresses this issue by ensuring hospitals pay only the amounts stipulated in their contracts. The technology integrates directly with a hospital’s existing enterprise resource planning software, contract management systems, and accounts payable workflows. It aggregates data from contracts, invoices, internal databases, and vendor information to validate every invoice before payment is authorized. The platform identifies discrepancies and provides clear guidance on which invoices should be paid or held.

Traditionally, hospitals address this task by hiring external auditors every two years or by manually reviewing invoices—a labor-intensive process ripe for automation in today’s AI landscape. Already, major health systems including Kettering Health, MemorialCare, and MUSC Health have adopted the platform.

Although Heckler and Akintolayo founded the company just last summer, they successfully secured their funding round by Halloween, a feat Heckler attributes largely to his established industry connections. This initial capital allowed them to expand their team and support their growing customer base.

The new funding will be directed toward further hiring and advancing the company’s AI infrastructure. Heckler identifies existing invoice auditing firms like SpendMend and GHX as primary competitors. However, Akintolayo emphasizes that SpendRule distinguishes itself by concentrating specifically on purchased services—those essential, non-barcoded expenditures that are often overlooked.

“Our goal is to build a more resilient hospital system,” Akintolayo stated. “That’s our vision: to protect everyone’s bottom line by connecting their data and empowering better financial decisions.”