FlowX enjoys impressive seed round securing £8.5m
FLOWX.AI, an enterprise platform that enables banks and financial institutions to build fast modern digital experiences has raised $8.5 million in their seed round. The round, which is one of the largest European seed rounds this year was led by PortfoLion. Another institutional investor is Day One Capital, along with SeedBlink investment platform through its community.
FLOWX.AI aims to tackle a $500 billion challenge – enterprise legacy systems. Each year, the banking industry alone spends over $200 billion on technology, and 85% of it goes to “running the bank” – infrastructure maintenance and regulatory updates. However, FLOWX.AI helps financial institutions create unified, omnichannel customer and employee experiences without changing their existing systems and infrastructure.
The company will use the capital to expand in Europe and US, expecting to grow the team with more than 20 people by the end of Q1 2022. Also, the engineering and data science team will increase bandwidth to enhance the AI components and develop new functionality.
FLOWX.AI Inc was founded in late 2020 by Ioan Iacob – CEO, Serban Chiricescu – CTO, and Radu Cautis and started operating in 2021. Previously, Ioan, Serban, and Radu have worked together in the award-winning digital transformation consulting company – QUALITANCE. There, the founding team developed the product that would become FLOWX.AI and implemented it with global enterprises. Radu Cautis, who leads the company strategy, is also a Silicon Valley VC.
“This seed funding, less than a year after starting FLOWX.AI, proves that the problem we address is massively painful – legacy infrastructure is holding back enterprises from growing. This financing will support us in extending our offering globally, to giving companies back the freedom to build to more – together with our expanding network of global consulting and system integration partners”, Ioan Iacob, FLOWX.AI CEO, and co-founder.
“FLOWX.AI has a huge market potential with a plausible promise of fast becoming a global player in digital transformation. Their solution stands out as it provides unmatched speed and security for modernizing the legacy systems of large enterprises. In an era of developer shortage, it’s fascinating to see such excitement and inbound interest from the developer community. We are excited to work together with the team in the coming years”, said Gábor Pozsonyi, Partner at PortfoLion Capital Partners.