Romanian insurtech FlowX.ai raises $35M in a Series A round

The Bucharest-founded FlowX.ai that helps businesses to digitize their internal processes, has raised a $35 million in a Series A, the largest Series A in the history of the Romanian startup ecosystem. The round was led by Dawn Capital, with participation of Day One Capital, PortfoLion, and SeedBlink, Sifted reports. 

• Founded in 2020 by Ioan Iacob, Serban Chiricescu, and Radu Cautis, FlowX.ai develops a platform that allows financial institutions and other enterprises to build omnichannel, personalized apps in just ten weeks while reviving their legacy infrastructure and providing a path to re-building it from within. The process doesn’t require changes in legacy technology nor deeptech skills. 
• FlowX.ai has a team of almost 50 people located in Romania and the US, where it has its headquarters. Among its clients are such big financial groups, as Hungary’s banking group OTP, Romania’s Banca Transilvania and Greek Alpha Bank.
• London-based VC firm Dawn Capital led the round. Dawn is a B2B software investor, with total commitments of $1.9 billion. In fresh round also participated existing investors: Hungary’s Day One Capital, that earlier this year joined $6 million round for Romanian deeptech Veridion, PortfoLion, that recently led €3.5 million funding for Polish edtech Coding Giants, and Romania’s SeedBlink. 
• The startup plans to use the funding to accelerate the expansion of its solution and also to roll out new AI-based solutions.