– Panax raised a $10 million Series A round of funding led by Team8, with the goal of helping finance teams manage cash flow in high-interest environments
– The startup focuses on midsize and large companies in traditional industries like manufacturing, logistics, and real estate, offering a treasury management dashboard that integrates recommendations and projections
– Panax plans to scale its go-to-market approach, build a more robust AI and data team, and eventually expand its operations to New York City in order to tap into the fintech market there.
The tightening financial landscape driven by high interest rates and financial pressures is making it increasingly important for finance teams to better manage cash flow. One startup looking to help in this regard is Panax, a two-year-old Israeli startup that recently secured a $10 million Series A funding round led by Team8 and TLV Partners. Unlike other players in the cash management category, Panax is focused on midsize and large companies in traditional sectors like manufacturing, logistics, and real estate that may not have access to large treasury departments.
Panax aims to differentiate itself by providing more than just a dashboard for visualizing cash flow. CEO Noam Mills believes that using data to understand and influence decision-making is key to helping clients manage their treasury effectively. The startup’s early adopters, including well-known companies like Oddity, have found value in Panax’s cash management automation tools.
With a total funding of $15.5 million, Panax plans to scale its go-to-market approach and expand its AI and data team to further enhance its offerings. AI already plays a crucial role in helping Panax make sense of financial data, identify insights, and forecast cash flow. The company’s one-stop treasury management dashboard integrates recommendations and projections to streamline decision-making for finance teams, reducing the need for them to use multiple platforms.
Panax’s founders, including Mills who has a background in private equity and Olympic fencing, see the company as a team effort to provide value to clients seeking to optimize their cash flow. With plans to expand its NYC office and maintain its R&D in Israel, Panax aims to leverage its deep roots in the Israeli R&D community to compete for talent and continue innovating in the financial technology sector.