Procurement platform Axya raised 17 million Canadian dollars (about $12 million) in new funding, according to a Thursday (Sept. 24) press release provided to PYMNTS.

The Montreal-based company’s Series A financing will help enhance its platform and artificial intelligence capabilities as it enters new markets and hires more staff, the release said.

Axya was founded by Félix Bélisle-Dockrill, who worked in supplier quality for two of the largest manufacturers in the aerospace industry, according to the release. There, he saw the challenges that come with evaluating and managing suppliers, leading him to seek better ways to share knowledge and information across the supply chain and to launch Axya.

“Despite major investments in digital transformation, procurement remains one of the most fragmented functions within manufacturing organizations,” Bélisle-Dockrill said in the release. “Axya’s platform connects the data, suppliers and workflows that drive purchasing decisions, enabling manufacturers to reduce manual effort, improve supplier responsiveness and build more resilient supply chains.”

The company helps complex manufacturers make supply chains “more predictable, cost-effective and resilient” by joining “ERP integrations with AI-powered workflows that complement existing procurement teams,” the release said.

Axya specializes in three sectors, including aerospace and defense, custom machinery and vehicles, and natural resources and processing, and works with Infor, Epicor, Oracle, SAP, Microsoft Dynamics and Sage to connect supplier networks and ERP data, according to the release.

“Its platform takes a human-in-the-loop approach that keeps procurement teams in control while AI automates the most time-consuming work, including normalizing data, flagging risks early and identifying savings opportunities, so teams can focus on the most strategic decisions and actions,” the release said.

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