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Israeli Startup Panax Raises $10M for AI-Driven Cash Flow Management Platform

Chrissie Wong

Chrissie Wong

08 May 2024

Israeli startup Panax has secured a $10 million investment for its artificial intelligence-driven cash flow management platform. The investment will be used to scale its go-to-market approach and build a more powerful AI and data team.

Panax primarily targets large and medium-sized businesses in traditional industries, such as manufacturing and real estate, where cash management is crucial. The platform aims to streamline processes and provide valuable insights using AI to help these businesses manage their treasury more effectively.

The company's CEO, Noam Mills, emphasizes the importance of eliminating the need for finance teams to travel for making critical decisions. The platform integrates recommendations and projections, offering a one-stop solution for cash management, while also optimizing complex treasury administration tasks such as foreign exchange.

With a focus on New York City for expansion and access to talent, Panax aims to leverage its deep roots in Israel's R&D community and the expertise of its co-founders to continue innovating in the financial technology industry.