Accounts payable (AP) automation software provider TranscendAP has announced that it has obtained venture funding, directing the capital towards its growth strategy.
Led by Rittenhouse Ventures and Tech Council Ventures, the funding round is set to assist TranscendAP’s commitment to facilitating innovation across AP operations for enterprises.
AI focus and scaling market presence
According to TranscendAP, the company plans to leverage the investment received from the two firms to improve its AI-enabled technology platform while also accelerating its market penetration. At the same time, TranscendAP will continue its momentum, which includes customer wins across several sectors, such as healthcare, manufacturing, and higher education. Among its clients, the company mentions Aspen Surgical, Loomis, George Mason University, Kaiser Aluminum, Powell Industries, and Arizona Arthritis & Rheumatology Associates. This range of clientele underlines the flexibility and configurability of the company’s platform, as well as its ability to meet the needs of varied AP departments.
Furthermore, as more enterprise organisations aim to apply AI to simplify their financial operations, TranscendAP’s platform focuses on delivering on this demand through intelligent data capture, workflow automation, and exception handling capabilities. Through this, the platform seeks to support enterprise AP teams in minimising manual processing, scaling visibility, and decreasing invoice processing costs.
As detailed by TranscendAP, securing this funding emphasises the abilities provided through the company’s approach to intelligent AP automation and advances its commitment to assisting organisations globally in achieving more efficient accounts payable operations. Talking about this milestone, representatives from TranscendAP mentioned that obtaining this venture funding enables its team to accelerate AI innovation, grow its platform, and continue optimising how organisations across industries manage their accounts payable.
The announcement comes just a few months after TranscendAP started supporting the latest SAP enterprise software platforms. The integration was set to offer bi-directional data exchange, allowing organisations to simplify and support AP operations across SAP environments, regardless of whether they were deployed on-premise or in the cloud. The moves enabled TranscendAP to further expand its reach across the enterprise landscape, offering more organisations its AI-driven automation platform.
