FlowX.AI, the world’s first AI enterprise application modernisation platform for large financial services organisations, has raised a £28m ($35m) Series A funding round.

The round was led by London-based Dawn Capital, Europe’s leading specialist B2B software investor, with existing investors PortfoLion, SeedBlink, and DayOne Capital participating.

FlowX.AI will use the funds to fuel further product innovation and pursue global expansion.

The company was launched in 2021 by three co-founders – Ioan Iacob, Radu Cautis and Serban Chiricescu – and within two years has secured partnerships with large system integrators and driven hundreds of millions of dollars in ROI for leading financial institutions across Europe.

Major clients already include leading European banking group OTP, which has $85 billion in AUM, the largest bank in South Eastern Europe, Banca Transilvania, as well as one of the largest banking groups in Central Europe, Alpha Bank.

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Evgenia Plotnikova, general partner at Dawn Capital, said: “Tech innovation continues to accelerate, yet the businesses that underpin our everyday lives are running on century-old technology.

“We can use our phones to get AI to generate a travel itinerary in seconds, but it takes years for our banks to offer new mortgage products.

“Enterprise leaders want to rapidly increase the pace of change, and FlowX.AI offers an elegant and intuitive solution. It abstracts away horse-and-carriage legacy infrastructure, and ensures users are only ever exposed to a spaceship experience. Ioan and his team are further proof that tech innovation is on fire across Europe, and we are thrilled to be supporting them as FlowX.AI becomes a truly global player.”

Today the business has a team of almost 50 people across Europe and US and is embarking on rapid expansion with a view to becoming the global go-to solution in the space of enterprise application modernisation.

Ioan Iacob, FlowX.AI’s founder and chief executive, said: “We are proud our platform has been consistently enabling customers to accelerate application modernisation in an unprecedented way: what used to take years is now being done in weeks.

“We’ve now truly proven our product and are ready to bring FlowX.AI to even more customers. Our Series A funding will allow us to bring to market a number of innovations that will bring AI to enterprise on a large scale, and to expand our geographic footprint.”

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The platform’s capabilities mean that large enterprises can develop within weeks, rather than years, modern digital capabilities which are essential for them to remain competitive and even to survive.