Brightflow AI, a platform for financial intelligence, has received $19 million in new funding, including a $15 million Series A investment and $4.2 million from a seed round.
According to a news release released on Wednesday, September 21, the company intends to use the extra money to increase the scale of its platform, hire more people, and provide opportunities for small- to medium-sized businesses (SMBs) to grow more quickly. Brightflow AI claims that its goal is to “demystify finance” for typical owners.
U.S. Bank study shows that cash flow problems account for 82% of small business failures. Brightflow AI helps SMB owners avoid cash flow issues by automating cash flow management and estimating sales using artificial intelligence (AI) and machine learning.
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.