On May 8, 2024, the AI-powered cash flow management platform headquartered in Tel Aviv, Israel,Panaxannounced it had raised $10 million in Series A funding, led by Team8 with participation from TLV Partners. This follows TLV Partners' previous lead of its $5.5 million seed round, bringing total funding to $15.5 million.
The company plans to use the raised funds to expand its go-to-market efforts and build a stronger AI and data team.
Panax was co-founded in 2022 by Noam Mills (CEO), Sefi Itzkovich (CTO), and Niv Yaar (CBO), and currently has 20 employees. The company's main business is developing a single platform that centralizes, automates, and simplifies all financial analysis and processes. By integrating data directly from banks and ERP systems into a unified platform, it provides medium and large companies with real-time cash positions, key insights, and cash forecasts to optimize their liquidity. Panax's customers include Artlist, Elementor, Oddity, Lightricks, and others.
(Source:CTech）