Panax, a New York-based startup that develops an AI-driven cash flow management platform, has raised $10 million in Series A funding, bringing its total raised to $15 million.
Investors
The round was led by Team8, with the participation of TLV Partners.
Team8 is a venture capital firm that creates and invests in companies focusing on Cybersecurity, Data & AI, Fintech, and Digital Health. It was founded in 2014 and is based in Tel Aviv, Israel.
Panax Use of Funds
The company will use the funds to further accelerate this growth by scaling sales and support teams to meet the high market demand for its cutting-edge, next-gen treasury management solutions, expand its U.S. presence with a New York City office, and increase its product development resources.
About Panax
Founded by Noam Mills, Sefi Itzkovich, and Niv Yaar, Panax offers an AI-driven cash flow management platform that empowers mid-market and large companies with complex treasury management needs to gain control, sustainability, and optimize liquidity. The company developed a single platform that centralizes, automates, and streamlines all treasury analysis and processes, giving companies real-time access to cash positions, critical insights, and cash forecasting by consolidating data directly from banks and ERP systems into a unified platform. Its clients include Artlist, Elementor, Oddity, Lightricks, and others.
Funding Details
Company: Panax Tech Ltd.
Raised: $10.0M
Round: Series A
Funding Month: May 2024
Lead Investors: Team8
Additional Investors: TLV Partners
Company Website: https://www.thepanax.com/
Software Category: Cash Flow Management
Source: https://www.calcalistech.com/ctechnews/article/bksi8ykma