Axya, a Montreal procurement software company, has raised C$17 million in a Series A. McRock Capital led the C$12 million equity portion, with Yamaha Motor Ventures and existing investors BDC’s Industrial Innovation Venture Fund and Real Ventures. CIBC provided the rest as venture debt, per BetaKit.
Axya’s software connects to a manufacturer’s ERP, including SAP, Oracle, Infor, Epicor, Microsoft Dynamics and Sage. Buyers use it to send requests for quotes, collect and compare supplier bids, and automate follow-ups. They also send purchase orders, track supplier acknowledgments and revisions, and monitor shipments. Suppliers respond through a portal that needs no login, using their current file formats and channels. Axya says its AI cleans up the data, flags risks early and finds savings, while buyers make the decisions.
Customers include GE Aerospace and MDA Space. More than 80,000 suppliers are on the network. Axya doubled its annual recurring revenue over the past year and runs close to break-even, with net revenue retention near 140%, BetaKit reported. The company, founded in 2019 as GRAD4, has 40 employees and plans to reach 55 by the end of the year.
“Manufacturers building complex products lose time and money because procurement still runs on email, spreadsheets, and ERPs that don’t talk to suppliers,” CEO Félix Bélisle-Dockrill told BetaKit.
Other procurement startups are raising money for the same supplier follow-up work. Didero raised a $30 million Series A in February for AI agents that chase supplier order status and log updates into a customer’s systems. Magentic raised $18 million this month for agents that pick suppliers, place orders and clear invoices for large manufacturers.
Axya will use the money to add AI for risk detection and automated workflows, hire in sales, customer success and engineering, and expand outside North America.
