TranscendAP, a leading provider of AI-driven accounts payable (AP) automation software, announced that it has secured new venture funding to accelerate its growth strategy and expand operations. The funding round was led by Rittenhouse Ventures and Tech Council Ventures, marking a key milestone in TranscendAP’s mission to transform enterprise AP operations through intelligent automation.
The investment will be used to further develop TranscendAP’s AI technology platform, strengthen its go-to-market strategy, and continue building on recent momentum across key verticals, including healthcare, manufacturing, and higher education. The company’s growing customer roster includes Aspen Surgical, Loomis, George Mason University, Kaiser Aluminum, Powell Industries, and Arizona Arthritis & Rheumatology Associates, reflecting the platform’s adaptability and scalability for organizations with complex AP needs.
As the market for AP automation undergoes rapid evolution, TranscendAP aims to lead a new generation of intelligent, cloud-based solutions that go beyond traditional invoice processing. The company’s platform leverages AI for intelligent data capture, workflow automation, and exception handling, enabling finance teams to reduce manual workloads, gain real-time visibility, and lower processing costs.
Rittenhouse Ventures General Partner David Nevas noted that the AP automation industry remains largely untapped, with the majority of organizations still using outdated systems. TranscendAP’s AI-first approach and demonstrated market traction position it to become a dominant player in the mid-market enterprise segment.
Tech Council Ventures Managing Partner Steve Socolof emphasized his confidence in TranscendAP’s leadership team, led by Co-Founder and CEO Jeff Weinstein, highlighting their proven ability to execute and track record of innovation in enterprise software.
The new funding round validates TranscendAP’s approach to next-generation AP automation and reinforces investor confidence in its capacity to redefine how organizations streamline financial operations with AI.
KEY QUOTES:
“AP automation has moved from being a back-office necessity to a true strategic advantage. 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.”
Jeff Weinstein, Co-Founder and CEO, TranscendAP
“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. 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.”
David Nevas, General Partner, Rittenhouse Ventures
“We’re excited to invest for the second time in a leader like Jeff Weinstein, who now has a best-in-class solution for automating the accounts payable workflow. 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. We’re confident TranscendAP has the right leadership and technology to redefine AP automation for a broad range of organizations.”
Steve Socolof, Managing Partner, Tech Council Ventures
