Axya Raises $12 Million to Expand AI Procurement Platform

Procurement platform Axya secured 17 million Canadian dollars (approximately $12 million) in Series A funding, as disclosed in a Thursday press release to PYMNTS. The Montreal-based firm plans to utilize the capital to bolster its platform and artificial intelligence functionalities while expanding into new markets and increasing its workforce.

Founded by Félix Bélisle-Dockrill, who held a position in supplier quality at two major aerospace manufacturers, Bélisle-Dockrill identified the challenges associated with evaluating and managing suppliers, prompting him to develop Axya. Bélisle-Dockrill explained, "Despite major investments in digital transformation, procurement remains one of the most fragmented functions within manufacturing organizations."

Axya's platform facilitates the integration of ERP systems with AI-driven workflows, streamlining supplier networks and procurement processes. The company serves sectors such as aerospace and defense, custom machinery and vehicles, and natural resources and processing, collaborating with major ERP providers like Infor, Epicor, Oracle, SAP, Microsoft Dynamics, and Sage.

With a human-in-the-loop approach, Axya's platform empowers procurement teams to retain control while AI automates time-intensive tasks such as data normalization, risk identification, and cost-saving opportunities, allowing teams to concentrate on strategic decisions. Market projections suggest that by 2029, 45% of the world's 2,000 largest companies will have adopted AI-driven supply chain orchestration, resulting in a 20% revenue surge and a 30% boost in partner and customer satisfaction.

However, AI agents necessitate clean, governed, and interoperable data, as data readiness stands as the prerequisite for subsequent advancements.