Panax, a NYC-based provider of an AI-driven cash flow management platform, just announced its $15M funding round. In conjunction with it, CEO Noam Mills replied to our questions about the company, the product, the funding, and future plans.
FinSMEs: Hi Noam, can you tell us a bit more about yourself? What’s your background?
Absolutely. I’m Noam Mills, CEO of Panax. Alongside my co-founders, Niv Yaar and Sefi Itzkovich, we bring experience in both the finance and technology sectors. My journey into Panax began when Niv and I worked for a private equity firm, implementing new processes and policies or sharing quarterly cash reports and cash status with portfolio companies. During my time as VP of Finance at a rapidly growing international e-commerce company, I faced the challenges as their owner firsthand. Clearly, manual cash flow management processes required more innovative solutions. I teamed up with Niv and Sefi, who had experienced similar challenges in their roles, and we founded Panax to address these inefficiencies head on.
FinSMEs: Let’s speak about Panax. What is the market problem you want to solve? What is the real opportunity?
Panax offers AI-driven automation and insights to simplify and seamlessly automate treasury and cash flow management. With our solutions, mid-market and large companies can gain complete visibility and control over their cash operations, optimizing liquidity and strengthening business resilience during economic uncertainty.
Having the company’s entire financial data streamlined and unified in one platform allows full visibility into and control over cash flows. That new control level opens up a range of opportunities for optimizing working capital efficiency, and more proactive decisions can be made.
FinSMEs: What are the features differentiating the product from competitors?
Since we were finance executives and investors in mid-sized companies, we are uniquely positioned to answer their needs. Unlike competitors, we prioritize user experience and ease of implementation, recognizing the challenges lean finance teams face. Through integrations with over 10,000 financial institutions, Fintech platforms, and ERP systems globally, we provide real-time access to critical data and insights, empowering finance teams to make informed decisions efficiently. In addition, we leverage open banking and AI to create a proactive platform that helps finance teams not only streamline processes but also prioritize and address important, value-add issues.
FinSMEs: You just raised a new funding round. Please, tell us more about it.
We raised a $15 million Seed and Series A round led by Team8 and TLV Partners. It’s an honor to have heavyweight VC firms on our side that have been great advisors throughout the development of Panax. The funding will enable us to enhance our product offering and expand our market reach. Specifically, we’ll focus on accelerating our growth by scaling sales and support teams to meet the high market demand for its next-gen AI-automated treasury management solutions, expand our U.S. presence with a New York City office, and increase our product development resources.
FinSMEs: Can you share some numbers and achievements for the business?
In the first quarter of 2024 alone, we grew our customer base by 50%, showing the rapid traction we’re experiencing and the need for our solution. Panax has enabled our customers to save time and money, with some reporting over $100K in annual savings on interest payments through enhanced cash control. Our AI-driven automation and insights have also empowered finance teams to focus on strategic, high-value tasks, leading to improved liquidity and overall performance.
FinSMEs: What are your medium-term plans?
Our medium-term focus is on scaling our operations and solidifying our position as a leader in the cash flow management space. We’ll be expanding by adding a New York office and finalizing strategic partnerships to accelerate both our commercial expansion and product innovation.
FinSMEs
08/05/2024