The round included $12 million in equity led by McRock Capital, with Yamaha Motor Ventures and existing backers BDC Capital and Real Ventures, plus $5 million in venture debt from CIBC Innovation Banking. Axya will use the funds to scale its AI-powered procurement platform, grow its 40-person team to 55 by end of 2026, and expand beyond Canada into the U.S. market.
The company’s platform integrates with manufacturers’ existing ERP software and connects more than 80,000 suppliers. Axya claims its annual recurring revenue is in the multi-million-dollar range and that it manages hundreds of millions of dollars monthly through its system.