TranscendAP Lands Venture Fundingโฃ to โฃAccelerate AI-Powered AP Automation
NEW YORK – mayโค 29, 2024 – โขTranscendAP, an accounts payable (AP) automation software provider, has secured venture โคfunding to fuel its growth andโค expand its platform, the company announcedโ today. The funding โround was led byโ Rittenhouse Ventures and Tech Council ventures.
TranscendAP emergedโฃ as aโค standalone company inโข May 2024, โคpreviously operating โคas โa business unit within โoptima Globalโข Solutions since 2018. The company focuses on deliveringโ AI-poweredโฃ AP automation solutions to growing enterprises, addressing a โฃmarket where โ90% of firms currently lack effective automation,โ according to Rittenhouse Ventures.
“Securing โthis venture funding is a major milestone for us, โempowering โฃour team โto accelerate AI โคinnovation, expand our platform and continue transforming how organizations across industries manage their accounts payable,” said Jeff Weinstein, TranscendAP.
David Nevas, general partner at Rittenhouse Ventures, highlighted โthe market opportunity,โ stating, “We believe theโ time to strike โฃthis market is now, and TranscendAP is perfectly positioned to capture meaningful share โin the mid-market segment.” The company’s platform reportedly delivers benefits including aโฃ 70% reduction โin โper-invoice costs.
Steveโ Socolof, managingโค partner at Tech Council Ventures, praised TranscendAP’s leadership and technology, adding, “We’reโ confidentโค TranscendAPโฃ has โthe right leadership and technology to redefine AP automation โfor aโ broad rangeโฃ of organizations.”
The investment comes โas businesses increasingly โseek to modernize their AP processes. Recent research from PYMNTS intelligence and Edenred Pay’s “From Back Office to Strategic Powerhouse: AP’s Transformation in 2025” reportโ reveals that 98%โ ofโข firms still grapple with manual payment processes, while those integrating โคAI into AP operations are experiencing significant โฃfinancial gains.