TranscendAP Inc., a provider of accounts payable (AP) automation software, said Oct. 29 that it has secured venture funding to scale operations and support the company’s aggressive growth strategy.
TranscendAP will utilize the investment to enhance its AI-driven technology platform, accelerate market penetration, and build on its recent momentum. TranscendAP recently posted customer wins across the health care, manufacturing and higher education markets. Clients include Aspen Surgical, Loomis, George Mason University, Kaiser Aluminum, Powell Industries and Arizona Arthritis & Rheumatology Associates.
“AP automation has moved from being a back-office necessity to a true strategic advantage,” said Jeff Weinstein, co-founder and CEO of TranscendAP. “Securing this venture funding is a major milestone for us, empowering our team to accelerate AI innovation, expand our platform, and continue transforming how organizations across industries manage their accounts payable. It’s especially rewarding to be backed by two venture firms with a proven track record and a team that I’ve had great success with before.”
Rittenhouse Ventures, focusing on the mid-Atlantic region, is an emerging-growth venture capital firm that partners with capital-efficient B2B SaaS, AI, and tech-enabled services companies. Rittenhouse invests in companies generating $2 million to $10 million in revenue.
Tech Council Ventures invests in the most promising early-stage, rapid-growth technology companies in the Mid-Atlantic region. The fund typically initially invests $500,000 to $3 miollion, with up to $5 million to support the company’s growth. The general partners are active investors, typically (but not always) a board director and lead investor.
“The accounts payable automation market is undergoing a crucial transformation, shifting rapidly from outdated, first-generation systems, with over 90% of the market still lacking effective AP automation,” said David Nevas, general partner at Rittenhouse Ventures.
“Their cloud-based, AI-first platform leverages best-in-class technology, providing critical value propositions like a 70% reduction in per-invoice costs and robust fraud detection capabilities. We believe the time to strike this market is now, and TranscendAP is perfectly positioned to capture significant share in the mid-market segment. The company has proven product-market fit with impressive customer wins and strong capital efficiency.”
“Having worked with Jeff and his team in the past, we’ve seen firsthand their ability to execute, scale quickly, and deliver real enterprise value through innovation,” said Steve Socolof, managing partner at Tech Council Ventures. “We’re confident TranscendAP has the right leadership and technology to redefine AP automation for a broad range of organizations.”
