TranscendAP said Thursday (Oct. 30) that it secured venture funding to accelerate the growth of its artificial intelligence-driven accounts payable automation software.
The firm’s funding round was led by Rittenhouse Ventures and Tech Council Ventures, the company said in a press release. It did not disclose the amount of funding.
Its platform helps enterprise AP teams reduce manual processing, improve visibility and lower invoice processing costs by delivering intelligent data capture, workflow automation and exception handling capabilities, according to the release.
The platform was launched in 2018 and is now used by enterprise organizations in a range of sectors, including healthcare, higher education and manufacturing, per the release.
“AP automation has moved from being a back-office necessity to a true strategic advantage,” TranscendAP Co-founder and CEO Jeff Weinstein said in the release. “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.”
David Nevas, general partner at Rittenhouse Ventures, said in the release that 90% of the market lacks effective AP automation and that TranscendAP’s platform delivers benefits like a 70% reduction in per-invoice costs.
“We believe the time to strike this market is now, and TranscendAP is perfectly positioned to capture significant share in the mid-market segment,” Nevas said.
Steve Socolof, managing partner at Tech Council Ventures, said in the release that Weinstein and his team have a proven ability to “deliver real enterprise value through innovation.”
“We’re confident TranscendAP has the right leadership and technology to redefine AP automation for a broad range of organizations,” Socolof said.
TranscendAP began operating as a newly formed company in May 2024 after having been a business unit of Optima Global Solutions since 2018. It was launched to focus on delivering AI-powered AP automation solutions to growing enterprises.
The PYMNTS Intelligence and Edenred Pay collaboration “From Back Office to Strategic Powerhouse: AP’s Transformation in 2025” said that 98% of firms still struggle with manual payment processes and that firms that have implemented AI into their AP operations reported significant financial gains.
Source: https://www.pymnts.com/