Axya Raises $17 Million CAD to Modernize Manufacturing Procurement

Axya, a Montreal-based supply chain software startup, has secured $17 million CAD in Series A funding to help manufacturers automate procurement with AI. The round consisted of $12 million in equity primary capital, led by Toronto's McRock Capital with support from Yamaha Motor Ventures and existing backers the Business Development Bank of Canada's Industrial Innovation Venture Fund and Montreal's Real Ventures, plus $5 million in venture debt from CIBC Innovation Banking.

Founded in 2019 by Bélisle-Dockrill, who brings a mechanical engineering background to the company, Axya has developed an AI-powered procurement platform aimed at large manufacturing firms, a sector where purchasing workflows have historically relied heavily on email, spreadsheets, and manual vendor comparison rather than dedicated software. Manufacturing procurement carries distinct complexity compared to general enterprise purchasing, since it typically involves technical specifications, multi-supplier request-for-quote processes, and long-lead-time components where a delayed or mismatched order can halt an entire production line.

The blended equity-and-debt structure of this round, $12 million in primary equity alongside $5 million in venture debt, is a financing approach increasingly common among B2B software companies with more predictable, recurring revenue characteristics, letting a company extend its runway or fund growth initiatives without diluting equity holders as much as an all-equity round of the same total size would. CIBC Innovation Banking's participation as a debt provider alongside a traditional equity-led round suggests Axya's revenue profile had matured enough to support institutional debt financing on top of its venture backing.

The involvement of Yamaha Motor Ventures, the venture arm of a major industrial manufacturer, is a notable signal distinct from the round's financial investors: a strategic manufacturing-sector participant suggests Axya's procurement platform has already demonstrated relevance to the kind of large-scale, complex manufacturing operations Yamaha itself represents, a useful validation point for a company selling into an industry where buyers often want to see proof that a new software vendor understands manufacturing-specific procurement realities before adopting it.

Axya plans to use the new capital to expand its platform, grow its team from 40 to 55 people by the end of 2026, and deepen its presence outside Canada, bringing the company's total funding to $22.4 million since inception. For a five-year-old company targeting a large, historically underserved enterprise software category, that expansion pace, adding 15 people in roughly a quarter while simultaneously pursuing international growth, reflects a fairly aggressive scaling posture for a Series A-stage company, one that will depend on the new capital translating into faster customer acquisition outside its home Canadian market.

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