FlowX.AI, an artificial intelligence (AI) platform for businesses, has raised $35m in a Series A funding round.

UK-based Dawn Capital led the round, which was joined by existing investors PortfoLion, SeedBlink, and DayOne Capital.

FlowX.AI, which caters to financial institutions, is said to allow businesses to develop mission-critical solutions quickly.

The application modernisation platform will use the funding to support global expansion and product development.

Dawn Capital General Partner Evgenia Plotnikova said: “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.”

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By GlobalData

Leading European banking groups including OTP, Banca Transilvania, and Alpha Bank, are FlowX.AI’s clients.

Set up in 2021, the technology start-up has a team of 50 people with its headquarters in Delaware, US and engineering offices in Bucharest, Romania.

FlowX.AI founder and CEO Ioan Iacob 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 have 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.”