We’re proud to announce that we’ve raised our seed series standing at $8.5 million, less than a year after we founded FLOWX.AI. This shows that the problem we address is huge and painful and enterprises do need a way to free themselves from the bonds of legacy technology.
The round comes from PortfoLion, Day One Capital, and SeedBlink as well as from a series of angel investors who supported us right from the start. Seeing such success early on is humbling and empowering - we know we are building not just a piece of software or a software company, but something that delivers unreasonable value to our enterprise customers. We’re building a new way of thinking about technology.
Raising money in itself isn't a marker of success - it’s what we do with the money that counts. It’s our mission to revive the enterprises from within, helping them free themselves from the burden of legacy technology and compete in the digital age. This is the value that we are looking to create in the world.
Modern businesses are built on a house of technology cards.
Every enterprise is running hundreds of disjointed systems - from different generations, different technologies, different versions. Data is fragmented but also redundant and inconsistent across their systems. These systems are unstable, unscalable, and users hate working with them. Every time the company needs to make a minor change, it becomes a significant project. Every new change creates more complexity and increases their running costs and dependency on this dysfunctional conglomerate of systems.
These businesses are not running the technology anymore; the technology is running them. They've built the tower of Babylon, and now they're trapped - held hostage by their own technology.
All this while the war for digital talent is more brutal than ever - and the typical enterprise stands little chances competing with companies like Facebook, Google, Apple, Microsoft, or Amazon in attracting the best developers.
Especially in the financial services world, the pressure has been mounting. Digital-native challenger banks and fintechs are already putting massive pressure on the incumbent banks to change - showing that technology spectacularly enables growth - Revolut has the same number of customers as HSBC UK in just a few short years.
So clearly, there have been earthquakes and the ground has shifted. The digital playing field will create winners and losers pretty quickly.
We've been working on this problem for a long while, and we have created the technology to solve it. The technology to help businesses who want to get back in the game untangle themselves from legacy tech and unleash the potential inside their business.
We’re building a new way of thinking about technology, one that empowers business people to build their own tools and applications. Historically, development has shifted from punching cards to assemblers to object-oriented programming, so higher and higher levels of abstraction. However, the disconnect between business and IT remains.
Harking back to Alan Cooper in his famous The Inmates Are Running the Asylum - we see that business people who decide to build digital products are not the ones in control of the technology used to create them. Instead, talented developers continuously design bad software-based products and often ignore how ordinary people think and use applications.
We’re here to fix that.
Our platform helps enterprises in 3 main ways - acting on all the levers of digital transformation:
- We enable companies to drive growth fast through building digital apps that consumers and employees love to use. Meaning applications that unify the disjointed systems and data into a coherent process, with an omnichannel and efficient UI. So customers and employees feel empowered rather than frustrated.
- We integrate our platform with all the legacy systems, thus enabling enterprises to extend the life of their systems without risk and replace them at leisure (no downtime risk, reputational risk). They will be able to use what they have until they decide it’s time to upgrade it.
- Finally, through visual editors and no-code tools, we enable business people to create their own processes and generate an app starting from the process with little support from IT. Simultaneously we free developers to spend effort on really worthy, complex tasks. This is the best way to win at digital - engendering a culture of digital innovation across all employees.
We’ve already seen this three-pronged approach in action, and we’ve got proof it works. Some of the largest banks or power & utility companies in Europe are already using our platform as an engine for digital transformation.
We’ll be using the funds to expand in Europe and US, helping incumbent enterprises create digital journeys that bring in ROI fast. And we’ll be growing our team at the same time.
I want to pause here for a second and focus on our team.
We are dedicated to growing first and foremost by taking care of our company culture and team. Because putting culture first is not an alternative to success - it is how you succeed. Here are the things that we are looking for in a new colleague. If this sounds like you, be sure to check out our openings. We are hiring the best people, the 1% of 1%
We believe that the best people have the 100X output of “almost best” people. That’s why we are looking to keep our team small but agile and insanely creative. Bloat is what kills innovation and generates inertia. We’re fighting that.
We are building a learning culture
People generally listen just to reply. We listen to understand. And then we listen to improve. And then, we check back to see if we moved the needle.
We are building a fighting culture.
When we fail, when things don’t work out, when we have unexpected problems? Good! We have the opportunity to figure out a solution. That’s why failure is good. Watch this!
We are humbled to have gotten here so fast. And we thank you all - our team, our advisors, our customers, and our investors.
As they say, “this is just the beginning”!
Ioan & Serban