Romania’s FlowX.ai, a startup that helps big companies digitise their internal processes, has raised a $35m Series A led by London-based VC firm Dawn Capital, Sifted has learnt.
It’s the largest Series A in the history of the Romanian startup ecosystem, according to Dealroom — Romanian automation giant UiPath, which went public in 2021 and is currently valued at $6.3bn, raised $28.5m in 2017. It’s also the largest Series A in the enterprise software sector in the last 18 months, according to the startup’s estimates.
Existing investors — Hungary’s Day One Capital and PortfoLion, and Romania’s SeedBlink — also participated in the round.
The startup, which has a team in Romania and its headquarters in the US, confirmed the news to Sifted, saying it will use the money to meet the constantly growing demand for its tech.
“We’d love to be able to take the technology to even more customers faster,” says Ioan Iacob, FlowX.ai’s CEO and cofounder. “We’ve already been working closely with large system integrators — like IBM, both in Europe and US, and Kyndryl, and we’re discussing a few other exciting partnerships at the moment too.”
What FlowX.ai does
Founded in 2020 by three Romanian second-time founders, FlowX.ai is a solution that allows large companies to quickly integrate all their existing systems on one platform and build modern digital products on top of them, leveraging AI. The process doesn’t require changes in legacy technology nor deeptech skills.
The startup says it’s also cheaper and much quicker than traditional digitisation processes — the process can take several weeks, instead of many months.
With the fresh capital, the startup also hopes to roll out new AI-based solutions. For now, it's already offering tools like generative UX and predictive analytics.
FlowX.ai has a team of almost 50 people. It’s worked for big financial groups, such as Hungary’s banking group OTP, Romania’s Banca Transilvania and Greek Alpha Bank.
Despite the difficult market conditions and the scarcity of the capital in the market, Iacob says that raising the round has been “straightforward".
“We’re solving a problem that one of our customers jokingly referred to as ‘the Holy Grail of enterprise software',” he says.