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.
Robbie Bhathal, the CEO and co-founder of Brightflow AI, described the organization as a trustworthy advisor that proprietors of small businesses can trust. “Our technology provides equitable access to the financial resources small companies need to thrive, enabling business owners to better handle opportunities and difficulties.”
The use of automated accounts payable (AP) and accounts receivable (AR) systems, such as eInvoicing, digital workflows, and virtual cards, resulted in a 60% decrease in unpaid invoices in February.
The findings show how automation may change how businesses operate, improving cash flows for SMBs. When the research was performed, just as inflation was starting to become a problem, more than half of Main Street businesses at the time said that inflation made their sales predictions more uncertain and changeable.
