Delaware, USA-based AI enterprise application modernization platform for large financial services organizations, FlowX.AI, raised USD 35 million in Series A. The round took place on May 22, 2023.
London-based and Europe’s leading specialist B2B software investor, Dawn Capital, led the financing for the company. Meanwhile, existing investors PortfoLion, SeedBlink, and DayOne Capital participated in the Series A funding.
Purpose of financing for FlowX.AI
With the latest proceeds from the Series A financing, FlowX.AI has plans to accelerate further product innovation.
Meanwhile, the company seeks to fund its global expansion plans.
What the company’s official has to say
Ioan Iacob, FlowX.AI Founder and Chief Executive Officer, said,”For a long time, enterprises have been promised useful tools for modernizing their business. Many promises have been made over the years related to the speed of digital product development, no code / low code, citizen programmers, and many others. But these promises have not been kept. Instead, enterprises got a thousand disjointed point solutions and became captive to inflexible solutions, vendors, and proprietary technologies. FlowX.AI addresses this problem. We are proud of our platform which consistently enables customers to accelerate application modernization in an unprecedented way. We’ve now truly proven our product and are ready to bring FlowX.AI to even more customers. Our Series A funding will allow us to bring to market a number of innovations that will bring AI to enterprise on a large scale and to expand our geographic footprint.”
What the investors have to add
Evgenia Plotnikova, General Partner at Dawn Capital, further said, “Tech innovation continues to accelerate, yet the businesses that underpin our everyday lives are running on century-old technology. We can use our phones to get AI to generate a travel itinerary in seconds, but it takes years for our banks to offer new mortgage products. Enterprise leaders want to rapidly increase the pace of change, and FlowX.AI offers an elegant and intuitive solution. It abstracts away horse-and-carriage legacy infrastructure and ensures users’ exposure to a spaceship experience. Ioan and his team are further proof that tech innovation is on fire across Europe. It is thrilling to be supporting them as FlowX.AI becomes a truly global player.”
About the company
Ioan Iacob, Radu Cautis and Serban Chiricescu launched the company in 2021. The company boasts clientele such as European banking group OTP, which has $85 billion in AUM, the largest bank in South Eastern Europe, Banca Transilvania, as well as one of the largest banking groups in Central Europe, Alpha Bank.
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