Financial intelligence platform Brightflow AI has announced $19 million in new funding, comprised of a $15 million Series A round and $4.2 million from a seed round.
The company will use the new funding to boost its platform, hire new talent and provide faster growth opportunities for small- to medium-sized businesses (SMBs), according to a Wednesday (Sept. 21) press release. Brightflow AI said its goal is to “demystify finance” for the everyday owner.
The release cited statistics from a U.S. Bank study that found 82% of small businesses fail because of cash flow complications, and so Brightflow AI works to help SMB owners with artificial intelligence (AI) and machine learning to forecast sales and automate cash flow management, helping smaller businesses avoid cash troubles.
“Brightflow AI is the trusted advisor small business owners can rely on,” said Robbie Bhathal, CEO and co-founder of Brightflow AI. “Our solution provides equitable access to the financial resources small businesses need to succeed, enabling business owners to manage opportunities and challenges more effectively.”
In February, PYMNTS wrote that the adoption of automated accounts payable (AP) and accounts receivable (AR) solutions such as eInvoicing, digital workflows and virtual cards has been found to lead to a 60% cut in missing invoices.
Read more: Firms That Automate Accounting Processes Cut Missing Invoices by 60%
It’s also been found to help out with a 59% decline in delayed payment and reimbursement approvals and a 55% decline in missing receipts, according to the “Optimizing AP & AR Playbook,” a PYMNTS and OnPay Solutions collaboration.
The findings show how automation can change the ways businesses operate, improving cash flows for SMBs. The study came when inflation was starting to take its toll, with over half of Main Street businesses at the time reporting that inflation made their sales forecasts more volatile and uncertain.
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