Leading law firm, Ashfords LLP has advised Fluidly, an applied Artificial Intelligence (AI) company on a recent £5million investment led by New York-based venture capital firm Nyca Partners.
Fluidly is a software-as-a-service (SaaS) platform that defines a new software category - Intelligent Cashflow. Cashflow management is the single biggest financial pain-point that small and medium-sized enterprises (SMEs) face, and knowing their future financial position is of critical importance. Fluidly uses machine learning to predict and optimise the future cashflows for SMEs and provides the key to financial decision-making.
Venture capital firm, Nyca led the funding round with participation from other investors including Octopus Ventures, Anthemis and tech angels Simon Murdoch and Charlie Songhurst. The new funding will be used to expand the Fluidly’s team of engineers and data scientists working to advance the product, and also to build sales and marketing capacity.
The Ashfords’ team advising Fluidly was led by corporate partner Rory Suggett who said: "We are delighted to have helped Caroline close Fluidly's Series A round. The business has made incredible progress in a very short space of time and it is great to see it get the capital it needs for the next phase of scaling."
Caroline Plumb, founder and CEO of Fluidly said: “It was fantastic having support and advice from Ashfords during an incredibly exciting year for Fluidly. We have experienced a phenomenal period of growth and this latest investment will enable us to scale the business even further. Cashflow forecasting and management is the key to financial decision-making – we’re on a mission to help millions of business owners sleep better at night by giving them control, certainty and confidence in their financial future.”