CPE News (6.28.2022) – Maxa AI has raised US $2.3 million in a new funding round led by York IE with participation of Graphite Ventures, AQC Capital, and private investors including members of Anges Québec.
The new financing which closed early this month, brings total funding to date above US $3.8 million or CDN $4.8 million.
Joe Raczka, Managing Partner and Chief Investment Officer at York IE, has joined Maxa AI board of directors.
Raphael Steinman and Alexis Steinman, Montréal based Maxa AI is a leading software solution provider for data automation and advanced AI analytics for Enterprise Resource Planning (ERP) and core systems. Companies run Maxa to get the intelligence that their ERPs cannot provide about the past, present and future. Maxa’s technology also allows companies to unify multiple systems, better and faster.
photo credit: Maxa AI
Maxa closes $2.3M USD funding round to allow more companies to unlock critical intelligence from their enterprise systems
Maxa, the data automation and AI analytics software solution for ERP systems, today announced that it recently closed a $2.3 million USD ($3 million CAD) funding round, bringing total funding to date above $3.8 million USD ($4.8 million CAD). York IE led the investment, providing rich portfolio experience in B2B enterprise software. New investors also include Graphite Ventures and AQC Capital, as well as a short-list of strategic private investors, including some brought through the Anges Quebec network.
Companies run Maxa to get the intelligence their ERPs and core systems cannot deliver, typically driving a 2% to 15% financial or efficiency upside. Founded in late 2019, Maxa powers regional and global enterprise customers – from mid-market manufacturers to blue-chip telcos. Maxa’s software layer runs alongside one or several ERPs and core business systems: it enables a new breed of BI automation, system unification and predictive AI analytics. As an alternative to pricey, long haul professional services, Maxa’s automated solution is quick to setup and supports a SaaS business model with no commitments.
“We know the ERP space intimately and it is ripe for change,” said Joe Raczka, co-founder, managing partner, and Chief Investment Officer at York IE. “Maxa has impressive technology to unlock critical intelligence from ERP systems. With a team with deep domain expertise and this market, we see tremendous opportunity.”
“We see a strong appeal with manufacturing, distribution and service companies, among others,” said Raphael Steinman, co-founder. “ERPs and core systems contain some of the highest quality data signals that a company owns. Still, most companies pull and run manual BI from cryptic ERP data models, struggle to join-up a few systems, and struggle to embrace machine learning advances to help better monitor and forecast their business.”
Alexis Steinman, co-founder, added: “Just think of a management team with blurred vision from two disjointed systems; or a distributor that needs to constantly reforecast demand for a slew of ten thousand products; or a service company that needs to plan staffing across 100 teams nationwide. Maxa’s software tackles these challenges with better speed, scale, and accuracy, and with a business model that makes sense.”
Maxa intends to use funding proceeds to continue product development and to bolster its North American go-to-market team. For more information about Maxa’s solutions, please visit maxa.ai and book an exploratory discussion through the Contact page.
Maxa is a leading software solution provider for data automation and advanced AI analytics for Enterprise Resource Planning (ERP) and core systems. Companies run Maxa to get the intelligence that their ERPs cannot provide about the past, present and future. Maxa’s technology also allows companies to unify multiple systems, better and faster. Visit maxa.ai
About York IE
York IE™ is a vertically integrated strategic growth and investment firm helping reshape the way companies are built, scaled and monetized. Through Fuel™, its SaaS platform, hands-on advisory services and selective early stage B2B SaaS investments, York IE supports ambitious entrepreneurs, operators and investors on their quest to scale startups and disrupt markets. Play the long game at york.ie
About Graphite Ventures
Graphite Ventures is an early-stage seeding for scale venture capital firm. Founded in 2021 as an evolution of MaRS IAF, Graphite Ventures is one of Canada’s most active and consistent venture capital funds, having invested in 175 companies over the past decade. Graphite Ventures invests in early-stage B2B SaaS, fintech, proptech, digital health and capital-efficient hardware businesses. For more information, please visit graphitevc.com
About AQC Capital
AQC Capital manages two venture capital funds to support businesses in the startup phase. The fund invests in Quebec companies in all sectors that seek to bring innovation to global markets. AQC Capital teams up with Anges Québec, the largest angel investor network in the country, and together the groups bring smart capital to startups thanks to their experience and network.
About Anges Quebec
Thanks to the strength and diversity of its network, Anges Québec strategically accompanies angel investors and passionate and innovative entrepreneurs in their international ambitions. Founded in 2008, Anges Québec has over 230 members who have so far invested close to $120 million in more than 160 Quebec high growth potential companies, positioning itself as a leader in the Québec venture capital industry.