London-based VC firm, Dawn Capital, has recently led a $35 million funding round in FlowX.ai, the world’s first AI enterprise application modernisation platform for large financial services organisations.
Romania’s largest Series A round
Notably, this investment marks Romania’s largest Series A funding round, surpassing UiPath‘s previous record of $28.5 million in the country’s startup ecosystem.
Alongside Dawn Capital, existing investors such as Hungary’s Day One Capital and PortfoLion, as well as Romania’s SeedBlink, also participated in the round.
FlowX.ai intends to utilise the funds to meet the growing demand for its technology, focusing on product innovation and global expansion.
Ioan Iacob, Founder and CEO of FlowX.ai, expressed pride in the platform’s ability to accelerate application modernisation, stating that what used to take years is now accomplished in weeks. With the Series A funding, the company plans to introduce various innovations to facilitate large-scale AI adoption in enterprises and expand its presence globally.
Evgenia Plotnikova, General Partner at Dawn Capital, emphasised the elegant and intuitive solution FlowX.ai offers to enterprise leaders seeking to drive change at a rapid pace. Plotnikova hailed FlowX.ai as a testament to the thriving tech innovation landscape in Europe and expressed enthusiasm for supporting the company’s journey toward becoming a global player.
Where does FlowX.ai come in?
FlowX.ai, founded in 2021 by Ioan Iacob, Radu Cautis, and Serban Chiricescu, addresses the challenge faced by financial institutions in updating their outdated computer systems by developing new digital solutions on top of them. This is crucial as companies expend significant resources on maintaining legacy systems while striving to create new applications and products. Estimates reveal that global companies spent nearly $2 trillion on digital transformation projects last year, while software errors cost the US economy over $2 trillion.
Such projects are not only expensive but also time-consuming, requiring highly skilled technical professionals and often encountering significant issues during the replacement of old systems with new ones.
FlowX.ai has forged partnerships with prominent system integrators and has delivered substantial returns on investment for leading financial institutions across Europe. Major clients of the startup include OTP, a leading European banking group; Banca Transilvania, the largest bank in South Eastern Europe; and Alpha Bank, one of the largest banking groups in Central Europe.