Romania’s FlowX.ai, a company specialising in helping large enterprises migrate from legacy systems to complex IT infrastructures with the help of AI, raised $35mn in a round that marks the largest series A in the Romanian startup ecosystem.
The investment will fund FlowX.ai's global expansion and product development. It surpasses the previous record held by UiPath, Romania‘s automation unicorn, which raised a $28.5mn series A in 2017.
Alongside Dawn Capital, the series A round was also joined by existing investors including Hungary’s Day One Capital and PortfoLion, as well as Romania’s SeedBlink.
“FlowX.AI eases the pain of legacy tech stacks by abstracting their complexity and giving its customers a modern platform on which they can build must-have products in weeks, rather than years,” Dawn Capital’s representatives said.
FlowX.ai did not disclose its valuation but PitchBook lists some of the startup’s recent financials, according to TechCrunch. According to those, its revenues for the year that ended December 2022 were a mere $1.55mn but grew by over 735% compared to the year before.
Ioan Iacob — the CEO who co-founded the company with Radu Cautis and Serban Chiricescu — declined to comment on the valuation and revenue figures but confirmed the growth number was accurate.
The funding round is the largest series A globally in enterprise software in the last two years and the third largest series A in tech in the last two years, according to Sifted.
In 2021, FlowX.AI announced the biggest seed financing round ever carried out by a Romanian startup – $8.5mn. Since then, the company has helped Romania’s biggest bank Banca Transilvania and Hungarian group OTP to power customer-facing products and drive significant return on investment (ROI).
“These achievements are just the beginning. Ioan and his co-founders, Serban and Radu, are already taking on the US market, and have ambitious plans to bring the FlowX.AI solution to customers worldwide. The team will now use this latest funding to power their global expansion and product development, including rolling out a number of developments that will bring AI innovation to enterprise on a large scale,” said the statement from Dawn Capital.