A $15 million Series A investment and $4.2 million from a seed round total $19 million in fresh funding for the financial intelligence platform Brightflow AI.
According to a news statement issued on Wednesday, September 21, the firm plans to utilize the additional cash to expand its platform, bring on more employees and give small- to medium-sized companies (SMBs) possibilities for speedier development. According to Brightflow AI, its mission is to “demystify financial” for regular owners.
According to data from U.S. Bank research, 82% of small businesses fail due to cash flow issues. Brightflow AI uses artificial intelligence (AI) and machine learning to estimate sales and automate cash flow management for SMB owners, assisting them in avoiding cash problems.
Brightflow AI’s CEO and co-founder, Robbie Bhathal, referred to the company as the reliable counsel that small business owners can rely on. “Our technology enables company owners to better manage opportunities and challenges by ensuring fair access to the financial resources small businesses need to flourish.”
A 60% reduction in unpaid bills was seen in February as a result of the deployment of automated accounts payable (AP) and accounts receivable (AR) solutions including eInvoicing, digital workflows, and virtual cards.
The results demonstrate how automation may alter how firms run, enhancing cash flows for SMBs. Over half of Main Street firms at the time reported that inflation made their sales estimates more variable and unclear when the research was conducted, just as inflation was beginning to have an impact.
