Axios Mobile Assetshas cosed a $14 million venture capital round.
The Mississauga-based company says the fu ding will be used primarily to help it meet rising demand for its proprietary pallet-based logistics system from food producers in the United States and for general working capital purposes.
The round of capital was led by Toronto’s Relay Ventures.
“Axios is utilizing mobile sensor technology to disrupt an unsophisticated, yet critical component of the supply chain” said John Albright, Managing Partner of Relay Ventures. “The Company has been able to attract top-tier customers within their entry vertical and is continuing to build strong demand for the Axios smart pallet.”
Albright will server as a director of Axios moving forward.
Axios is a logistics enabler featuring a next-generation, bio-based pallet technology, which can be bundled with its proprietary cross-platform tracking and information system that helps improve the value chain in the logistics market.