Panax raises $10 million Series A for AI-powered cash flow management platform
The Israeli startup’s platform aims to help mid-market and large companies to gain full visibility and control over their cash operations and to optimize their liquidity by leveraging AI-driven automation and insights
Israeli startup Panax, which develops an AI-driven cash flow management platform, announced on Wednesday that it has raised a $10 million Series A led by Team8 and with the participation of TLV Partners. Panax previously raised $5 million in a Seed round in 2022 led by TLV Partners and with the participation of other investors.
Full list of Israeli high-tech funding rounds in 2024
Panax’s platform aims to help mid-market and large companies to gain full visibility and control over their cash operations and to optimize their liquidity by leveraging AI-driven automation and insights. 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.
Panax was founded by Noam Mills, CEO; Sefi Itzkovich, CTO; and Niv Yaar, CBO. The company employs 20 people, mostly in Tel Aviv. It will open a new office in New York this summer. Its clients include Artlist, Elementor, Oddity, Lightricks and others.
Related articles:
“In our previous roles, we couldn’t ignore the struggle of finance teams in companies with complex treasury operations,” said Panax CEO Noam Mills. “The more a company grows, the more complex it gets, working across many entities and regions and juggling many bank accounts and currencies. That always results in poor cash flow visibility, outdated or faulty data and a general lack of control. You are constantly bouncing between cash flow issues and suboptimal liquidity allocation. That’s why we created Panax.”
