November 9 (SeeNews) - Romanian enterprise platform FLOWX.AI has raised $8.5 million (7.25 million euro) from investors in a seed round to finance expansion plans, it said on Tuesday.
The startup company which enables financial institutions and large enterprises to rapidly transform their employee and customer-facing processes into unified, omnichannel digital apps, will use the capital to expand in Europe and the US, expecting to grow the team by more than 20 people by the end of the first quarter of 2022 to face the surging demand from banking and other financial industry companies worldwide, FLOWX.AI said in a press release.
In addtion, the engineering and data science team at FLOWX.AI will increase bandwidth to enhance the AI components and develop new functionality.
The seed round, one of the largest in Europe this year, was led by PortfoLion. Other institutional investors are Day One Capital and SeedBlink, the company said.
"This seed funding, less than a year after starting FLOWX.AI, proves that the problem we address is massively painful - legacy infrastructure is holding back enterprises from growing. This financing will support us in extending our offering globally,” FLOWX.AI CEO and co-founder Ioan Iacob said.
FLOWX.AI was founded in late 2020 by entrepreneurs Ioan Iacob, Serban Chiricescu and Radu Cautis and started operating in 2021.
($=0.8643 euro)