New Delhi: FlowX.ai, a startup based in Romania, has secured $35 million in a Series A funding round to support its platform that combines digital transformation and AI for application integration. The company, headquartered in New York with an engineering team in Romania, focuses on the financial sector and collaborates with systems integrators to connect with users. FlowX.ai plans to continue targeting financial customers while expanding its reach in the future. With its AI-driven approach, the startup aims to streamline the integration, application development, and service creation processes for enterprises, particularly in the finance industry.
Notably, FlowX.ai has established partnerships with major financial institutions such as BNP Paribas, OTP, Banca Transilvania, and Alpha Bank, enabling these legacy players to launch new services quickly and compete with neobanks and other emerging players. Since its launch four years ago, FlowX.ai claims that over 30 million users have interacted with products and services built on its platform.
While FlowX.ai has not disclosed its valuation, its revenues for the year ending December 2022 reached $1.55 million, representing a significant growth rate of over 735% compared to the previous year. The startup’s CEO, Ioan Iacob, confirmed the accuracy of the growth figure but declined to comment on valuation and revenue figures. The company’s AI-driven solution addresses the challenge faced by many organizations, including financial institutions, in integrating old software and data with new applications and data.
FlowX.ai’s approach sets it apart in the enterprise software space, where other companies like MuleSoft, Boomi, Sapho, Tray.io, and Snaplogic have been working on solutions for application integration. By leveraging AI, FlowX.ai automates integration processes, application development, and service creation, reducing the need for manual effort and costly investments. The finance sector, in particular, can benefit from this technology as it undergoes digital transformation and strives to overcome the challenges of working with a mix of legacy and modern systems.
The $35 million funding round, led by Dawn Capital, with participation from PortfoLion, SeedBlink, and DayOne Capital, highlights the potential of FlowX.ai’s solution and its ability to address critical needs in the finance industry. The company plans to further develop its product and expand its international presence with the support of its European investors. The success of Romanian startups like UiPath has brought attention to the country’s strong technical talent and emerging startup ecosystem. FlowX.ai’s funding announcement is significant, considering the current market conditions and the overall decline in average round sizes in the technology finance sector.
The startup’s open architecture allows for integration with any programming language, enabling users to connect and integrate various systems seamlessly. With the application of generative AI, users can make natural language requests for new services, which can be fine-tuned by engineers. FlowX.ai’s innovative approach, combining AI and enterprise software, has the potential to revolutionize application integration and service development across industries.
Dawn Capital, recognizing the opportunity presented by FlowX.ai, sees the company’s initial focus on the demanding financial services sector as a strategic move. The firm anticipates FlowX.ai expanding into other categories after establishing a strong presence in the finance industry. Research suggests that significant investments were made in digital transformation projects last year, reaching $2 trillion, while an equal amount was lost due to software errors. FlowX.ai aims to capture a portion of the investment made in digital transformation while minimizing losses through its efficient and AI-powered solution, making it an attractive prospect for both financial and non-financial businesses.
