Panax is a company that offers an AI-driven cash flow management platform that empowers mid-market and large companies with complex treasury management needs to gain control and sustainability and optimize liquidity.
This helps finance teams challenged with managing numerous bank accounts, fintech solutions, locations, currencies, and entities. And Panax solves all of these problems, giving companies real-time access to cash positions and critical insights by consolidating data directly from banks and ERP systems into a unified platform.
Panax’s customers report saving over $100K annually on interest payments through enhanced cash control, while others experience a 15-20% increase in cash invested in interest-bearing accounts. Before automation, unlocking these improvements required countless hours of manual data gathering and analysis, but with it, customers report saving 15-30 hours per week on work.
Legacy treasury management systems cater mainly to well-resourced, large treasury teams, while lean finance teams need simpler, more accessible solutions. Panax addresses this gap by integrating Open Banking and GenAI technologies to streamline and automate financial processes.
Panax has been gaining rapid traction in the market, doubling its customers in the first quarter of 2024. With a fresh funding round from Team8 and TLV Partners, Panax has raised $15 million to date.
This funding round will be used to further accelerate this growth by scaling sales and support teams to meet the high market demand for its next-gen treasury management solutions, expanding its U.S. presence with a New York City office, and increasing its product development resources.
Panax was launched by Noam Mills, CEO; Sefi Itzkovich, CTO; and Niv Yaar, CBO. And what sets Panax apart is that the founding team and leadership experienced these problems firsthand in their previous roles as finance professionals in operating companies and PEs. When they could not find any good solution, they decided to build one.
KEY QUOTES:
“The automated data collection and analysis, and proactive alerts helped us automate our cash policies. This saves us not only money, but also many hours of manual work that we can now spend on more strategic activities.”
- Mackenzie Moore, VP of Finance at Oddity, a publicly traded company in the U.S.
“In our previous roles, we couldn’t ignore the struggle of finance teams in companies with complex treasury operations. The more a company grows, the more complex it gets, working across many entities and regions and juggling many bank accounts and currencies. That always results in poor cash flow visibility, outdated or faulty data and a general lack of control. You are constantly bouncing between cash flow issues and suboptimal liquidity allocation. That’s why we created Panax.”
- Panax CEO Noam Mills
“In finance’s evolving landscape, the CFO role now demands strategic foresight, driving our pursuit of innovative tools. Noam, Niv and Sefi’s profound grasp of CFO needs, tech expertise and ambitious vision for delivering value to mid- and large-scale enterprises impressed us. With Panax poised to lead, we see immense potential to revolutionize the CFO tools and technology.”
- Hadar Siterman Norris, a partner at Team8 and former leader at Mastercard
“Panax has an ambitious goal to become the operating system and orchestration layer for finance teams who play a more important role than ever in the success of their businesses. Since first meeting Noam, Niv and Sefi, it was clear that their backgrounds as both finance leaders and technical leaders uniquely positioned them to build this company.”
- Yonatan Mandelbaum, a partner at TLV Partners who led the previous funding round and participated in the A round
