The financial intelligence platform Brightflow AI has received $19 million in new funding, which is made up of a $15 million Series A investment and $4.2 million from a seed round.
The company wants to use the extra money to expand its platform, hire more people, and provide opportunities for small- to medium-sized businesses (SMBs) to grow more quickly, according to a news release released on Wednesday, September 21. The goal of Brightflow AI, according to the company, is to “demystify finance” for typical owners.
82% of small businesses fail as a result of cash flow problems, according to statistics from U.S. Bank study. To help SMB owners avoid cash flow issues, Brightflow AI combines artificial intelligence (AI) and machine learning to automate cash flow management and anticipate sales for them.
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.
