$21m Funding for 'Automated Insights' App Maxa

Montreal, Canada-based data integration app Maxa has secured $21m in a Series A funding round, to develop its automated platform 'turning raw business data into ready-to-use insights', and to expand its market.

Founded by co-CEOs Raphael Steinman and Alexis Steiman, and operating on the Snowflake exchange, Maxa's app automates the integration of ERP and business data into a single source of 'decision-ready insights', allowing managers to improve short- and long-term business decision-making. The system is based around Maxa's Universal Business Data Model (UBDM), which standardizes and pulls in data from 'nearly any business system' for a range of business users including non-technical staff.

The oversubscribed round was co-led by Montreal-based investor FRAMEWORK and BDC Capital's Industrial Innovation Venture Fund, and was joined by Snowflake Ventures, Amiral Ventures and NAventures, the venture arm of National Bank of Canada. Existing backers AQC Capital and Graphite Ventures joined again.

Steiman (pictured) comments: 'This year, the game-changer was Native Apps - the framework that allows us to wrap Maxa's software into an application installed securely in a customer's own Snowflake data cloud account. For example, a bank is unlikely to send sensitive data to vendors, but we can bring Maxa directly to the data. The advantages are clear: security, control, performance, and procurement streamlining, to name a few. Virtually no one had this construct on their company roadmap, and that is why it is so disruptive'.

The company is online at www.maxa.ai .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.