Panax, a cash management platform powered by AI [artificial intelligence] and Open Banking, has raised $10 million in Series A funding. To date, Panax has raised $15 million.
Panax targets mid-market and large firms with complex treasury demands. The service enables the management of numerous bank accounts, locations, currencies, and different entities. Panax provides real-time access to cash positions and cash forecasting by consolidating data directly from banks and ERP systems into a unified platform.
Panax says they have received “fresh funding” from Team8 and TLV Partners without providing additional details. The company reports that it has doubled its customers in the first quarter of 2024.
Founded by Noam Mills, CEO; Sefi Itzkovich, CTO; and Niv Yaar, CBO, the founders state they started the company due to personal experience when they could not find any good solutions, so they decided to build one.
“In our previous roles, we couldn’t ignore the struggle of finance teams in companies with complex treasury operations,” said Mills. “The more a company grows, the more complex it gets, working across many entities and regions and juggling many bank accounts and currencies.”
Yonatan Mandelbaum, a partner at TLV Partners who led the previous funding round and participated in the A round, said, Panax aims to become the operating system and orchestration layer for finance teams.
“Since first meeting Noam, Niv, and Sefi, it was clear that their backgrounds as both finance leaders and technical leaders uniquely positioned them to build this company.”
