Maxa Closes US$21M Series A

• Leading Snowflake Native App for financial, operational and ERP insights automation sees record expansion across large enterprises globally, as well as into new verticals such as Financial Services and Defense.
• Winner of the 2024 North America Data Drivers Award for most innovative data-driven application.
• Maxa can be installed directly in an organization’s own data cloud environment, bringing enterprise data insights to boardroom and Gen AI conversations.

 

MONTREAL and SAN FRANCISCO – May 30, 2024 – Maxa, the #1 Snowflake Native App for business system and ERP insights automation for the Gen AI era, today announced that it closed its Series A funding as part of an oversubscribed US$21 million transaction. The round was led by FRAMEWORK, with BDC Capital’s Industrial Innovation Venture Fund as co-lead. Maxa also welcomed new investors Snowflake Ventures, Amiral Ventures and NAventures, the venture arm of National Bank of Canada, in addition to third-time backers AQC Capital and Graphite Ventures.

The investment will further Maxa’s mission to help customers turn raw business data into ready-to-use insights with 90% less effort. 

“Every enterprise is scrambling to implement AI, find cost savings and develop better insights to run their businesses more effectively and efficiently” commented Jim Texier, partner at FRAMEWORK.  “Maxa is a truly rare company that checks all those boxes. With an out of the box ability to generate immediate insights from existing disparate systems, Maxa is the next generation of AI. Out of the almost 50,000 companies FRAMEWORK tracks, Maxa is one of the top performing data+AI companies in the world. We are thrilled to be part of their journey.” 

Maxa: simple, award-winning

Maxa was just named 2024 Data Drivers Awards winner for most innovative data-driven application on Snowflake. All Data Drivers winners will be formally announced at Snowflake Data Cloud Summit 2024. Maxa automates the integration of ERP and business data into a single source of decision-ready insights. “We simplify the overwhelming complexity of today’s enterprise data system landscape,” said Raphael Steinman, Co-Founder and Co-CEO of Maxa. 

Companies use Maxa to automate financial, ERP and operational reporting and analysis, pre-computed at scale: this allows managers to improve business decision making and daily course-correction. New systems and insights can be swapped in and out without pain.

Innovation for boardroom and Gen AI conversations

The new funding will fuel Maxa’s product, go-to-market and customer self-serve capabilities. Central to Maxa’s software is the Universal Business Data Model (UBDM), which standardizes and can combine data from nearly any business system, making it accessible to non-technical analysts, developers and AI-driven insights. Maxa addresses head-on Generative AI’s struggles with accuracy, governance and auditability, ensuring that business leaders can engage with reliable data insights.

Disruption at large enterprises

Alexis Steiman, Co-Founder & Co-CEO, added: “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.”

 

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About Maxa

Maxa pioneered the ‘Enterprise Grade Startup’ movement on the Snowflake platform, which enables large organizations to adopt advanced technology effortlessly. By unifying multiple ERP and business data systems into a single, accurate, and pre-computed source of insights, Maxa ensures that both human and AI-driven business conversations are enriched with timely and accurate data insights with full audibility.

About FRAMEWORK

Established in 2018, FRAMEWORK is a world-class venture capital partnership that backs purpose-driven startups. FRAMEWORK’s dynamic approach to investment empowers exceptional founders and their teams on the path to becoming the next generation of world-class technologies. Headquartered in Toronto, Canada with presence in Montreal, QC and Austin, Texas, FRAMEWORK combines operational expertise with a data-driven investment strategy–forming a unique, collaborative model of active capital that supports management teams on their scaling journey. The company is also committed to cultivating improvements in the venture capital ecosystem for all founders and investors through the Startup Scorecard and Investor Network.

For more information, please visit us as maxa.ai and contact us at maxa.ai/contact