TranscendAP has been selected as one of five New Jersey companies to receive investment through the New Jersey Innovation Evergreen Fund (NJIEF), a program from the New Jersey Economic Development Authority (NJEDA) designed to support high-growth technology companies in the state.
TranscendAP specializes in accounts payable automation and has expanded its platform in recent years with a cloud-based multitenant offering and integrations with enterprise systems including Oracle, Microsoft, and Ellucian. The company’s platform incorporates AI-driven capabilities designed to help organizations modernize and automate AP operations.
Commenting on the investment, TranscendAP President and CEO Jeffrey Weinstein, said:
“As a New Jersey-based software company, we highly value the programs that the NJEDA has implemented that support our continued growth. The New Jersey Innovation Evergreen Fund, which matches the recent round of venture funding by Rittenhouse Ventures and Tech Council Ventures, will fuel the expansion of our AI-driven Accounts Payable automation platform. This investment allows us to accelerate our growth and expand our New Jersey presence with great career opportunities in technology, sales, marketing, and professional services. As I have experienced when leading other New Jersey-based firms, NJEDA’s partnership is outstanding at all levels. The NJEDA team is incredibly focused on growing the economic opportunities within New Jersey and we are fully aligned with them in that mission.”
Through the NJIEF program, TranscendAP received two investments totaling $1.25 million, submitted by Rittenhouse Ventures and Tech Council Ventures.
This investment follows TranscendAP’s previously announced venture funding round, which supports the continued expansion of the company’s AI-driven accounts payable automation platform.
To read the full announcement from NJEDA, visit: https://www.njeda.gov/5-new-jersey-businesses-receive-funding-through-nj-innovation-evergreen-fund/
Learn more about TranscendAP’s AI-powered accounts payable automation platform at transcendap.com.