PayShepherd Raises $7 Million to ‘Deepen’ Fintech Targeting Heavy Industry with AI

A Calgary-based innovator of financial services for heavy industry today announced an oversubscribed “seed+” round of funding.

PayShepherd wants to become the “system of record” for financial transactions between industrial facilities and contractors. Working as a billing management and contract assurance platform, the company’s solution sits between facilities and the contracted workforce to identify billing issues, increase visibility and accountability into operations, and increase speed.

Launched in 2018 by Wesley Sessenwein, Jennifer Hunter, and Johan Lee, PayShepherd last raised a $3.8 million in 2022.

Now the Alberta fintech-to-watch has another $7 million to play with, thanks to a round led by Inovia Capital with participation from existing investors Nashville Capital Network, Thin Air Labs, Yaletown Partners, A100, and angel investors.

“For too long, heavy industry has relied on outdated processes for vendor management, squandering billions of dollars and crucial relationships in the process,” says Sessenwein, CEO.

The influx of capital will enable PayShepherd to further deepen its technology, including applying Artificial Intelligence to its platform of offerings, according to a statement from the company.

“This investment supports our commitment to helping industrial operators establish lasting relationships with contractors that are founded on accountability and transparency,” Sessenwein stated.

Inovia partner Shawn Abbott is joining PayShepherd’s board as part of the raise.

“Wes and team have done a beautiful job of delivering transparency, accountability, and lightning speed to the frustrating and stubbornly manual workflows in coordinating large contracted workforces at the heavy industry sites that are the backbone of our economy,” stated Abbott.

PayShepherd has now raised over $12M in equity financing to date.

“PayShepherd is a great example of fresh thinking and modern digital SaaS and AI enabling deeply committed founders with personal industry experience to massively improve work experience,” Abbott said.