We’re proud to lead a C$17M financing for Quebec-based Axya, bringing Industrial AI to one of manufacturing’s most overlooked pressure points: procurement.

A production line can have world-class equipment, a full order book, and a flawless schedule. It can still grind to a halt because one part hasn’t arrived, and the update is buried in someone’s inbox.

We think procurement teams deserve better tools than that.

Where the real gap lives

ERPs run the factory. But the conversation with suppliers, including the quotes, the delays, and the follow-ups, happens outside them, in emails and spreadsheets. Someone has to bridge that gap by hand.

That’s not a minor inefficiency. It’s purchasing costs, working capital, and production reliability, all riding on someone’s inbox discipline.

We see it differently: it’s exactly where Industrial AI should be working.

Built for the job, not around it

Axya connects supplier communication directly to procurement workflows and existing ERP systems, turning emails and documents into usable data, automatically. No rip-and-replace. Just software that meets manufacturers where they already are.

Less time chasing updates. More time solving the exceptions that actually matter.

That’s exactly where we want to invest.

A team that’s lived the problem

Co-founder and CEO Félix Bélisle-Dockrill felt this pain firsthand at Bombardier and Airbus. Co-founder and CTO Karim Bésbès built the technical engine to solve it. Industrial knowledge plus engineering discipline: that combination is rare, and it shows in every corner of Axya’s product.

“A factory can invest millions in automation and still depend on someone chasing a supplier email to keep production moving,” says Whitney Rockley, Co-founder & Managing Partner at McRock Capital. “Félix and Karim understand the work behind the purchase order. We see a tremendous opportunity to help them put AI to work for the people keeping industry supplied.”

We’re not just writing the check

As part of this investment, McRock Partner Udit Bhatnagar is joining Axya’s Board of Directors, putting our industrial software playbook and network directly behind the team as they scale.

Backed by partners who know McRock

This deal also deepens a relationship we value. CIBC Innovation Banking, one of Canada’s leading innovation banks and a McRock limited partner, is supporting Axya as its venture debt provider. When our own LPs step up to back our portfolio companies directly, it’s a signal of real conviction, not just in Axya, but in the model we’re building together.

Welcome to the McRock family, Axya.

Let’s keep the industry moving.

We’re proud to announce a defining milestone in McRock’s journey: McRock Fund III has officially closed at over C$120 million, making it the largest fund in our history and bringing our total assets under management to C$300 million.

Our newest fund is backed by some of the most respected corporations in the industrial world—including Autodesk, Caterpillar, Emerson / AspenTech, Bell Ventures, and CIBC Innovation Banking. Securing this level of support in one of the toughest fundraising environments in decades speaks to something bigger than capital: global conviction that Industrial Software is entering its breakout era—and that McRock is leading it.

Purpose-Built for the Digital Industrial Era

When co-founders Scott MacDonald and Whitney Rockley launched McRock more than a decade ago, they bet on a simple truth: industrial markets were about to be transformed by software.

They backed that belief long before anyone talked about AI-driven factories or autonomous industrial systems. Now, the world has caught up—and AI isn’t just accelerating the shift, it’s rewriting the pace of progress.

A new frontier is emerging: Physical AI—the ability to understand, predict, and act across real-world systems in real time. With billions of sensors, cameras, and intelligent machines already deployed, industrial environments are becoming measurable, computable, and optimizable. This is the foundation upon which Industrial AI will scale globally.

McRock Fund III positions us to capitalize on this moment. Our focus areas—Canada, the United States, Europe, and Israel—aren’t just investment regions. They are ecosystems where we have built deep relationships, domain credibility, and the pattern recognition that gives us asymmetric insight into how the next generation of Industrial Software platforms will be built.

A Canadian GP With Global Reach

We are grateful to our long-standing Canadian institutional partners—Export Development Canada, BDC, Alberta Enterprise Corporation, Fonds de solidarité FTQ, and Venture Ontario—for enabling a Canadian VC manager to scale globally and play a defining role in the world’s industrial future.

Canada is entering a pivotal era where sovereignty and prosperity hinge on our ability to build homegrown companies that scale globally. McRock Fund III strengthens Canada’s position within the global industrial innovation landscape—without limiting our ambition to Canada’s borders.

We are a global leader.

We just happen to be based in Canada.

A Track Record of Real Industrial Outcomes

Our predominantly Canadian pure-play software portfolio has been early—and right—for years.

Our exits speak for themselves:

• mnubo (acquired by AspenTech, 2019)
• Decisive Farming (acquired by TELUS, 2019)
• ThoughtTrace (acquired by Thomson Reuters, 2022)
• Poka (acquired by IFS, 2023)

These companies didn’t just succeed—they set benchmarks in Industrial Software long before the current wave of interest.

This Is Only the Beginning

With the first two Fund III investments—Foundation EGI and OneLayer—already announced, we’re entering the most exciting chapter in McRock’s history.

Industrial markets are digitizing faster than ever.

AI is moving from pilot to enterprise-wide deployment.

A new class of founders—fluent in both the physical world and the digital one—is emerging.

This is where McRock thrives.

To our investors: thank you for your unwavering trust.

To our founders: we’re in your corner.

To the global industrial community: buckle up—the next decade will be extraordinary.

Now… let’s get McRock’n.

Today, we are proud to share a milestone that transcends McRock, or even the world of venture capital: McRock Co-Founder and Managing Partner, Whitney Rockley, has been appointed by Her Excellency the Right Honourable Mary Simon, Governor General of Canada as a Member of the Order of Canada, the country’s highest civilian honour.

This recognition places Whitney among a select group of Canadians whose contributions have shaped our nation’s character, advanced its institutions, and opened doors for future generations. Since its creation in 1967, the Order of Canada has recognized trailblazers across science, business, arts, innovation, and public service—individuals who exemplify the Order’s motto “They desire a better country.”

It is difficult to think of a phrase that captures Whitney more perfectly.

A Pioneer Who Rewrote What Leadership Looks Like

Whitney’s journey in venture capital began more than 25 years ago—long before diversity in tech or private capital was a headline, a metric, or a strategy. She carved her career through sheer excellence, resilience, global savvy, and fearless leadership— pioneering paths for the next generation to follow.

In 2012, she co-founded McRock Capital which has grown to over $300 million in assets under management and has become the leading global VC focused on the intersection of industrial sectors and digitization.

In 2017, Whitney became the first woman ever elected Chair of the Canadian Venture Capital & Private Equity Association (CVCA) since its inception in 1974. That moment didn’t just break a glass ceiling—it changed the trajectory of an entire industry.

From that position, she led the creation of the CVCA’s first-ever Diversity & Inclusion Taskforce, pushed for transparent industry-wide diversity reporting, and criss-crossed the country speaking to university students—especially women and BIPOC youth—about careers in venture capital. As one reference letter noted, “Without Whitney, the rapid change in mindset and the shape of our industry would not be where it is today.”

Her leadership set the standard for what inclusive investing could look like in Canada, inspiring the next generation of decision-makers, fund builders, and founders.

Changing Lives, Not Just Systems

Whitney’s impact is not only structural—it is deeply personal.

One of her team members described arriving in Canada as a new immigrant, with no network, no family, and no foothold. Whitney not only offered her a job at McRock, she offered belonging, mentorship, and a path to build a life and a career in a new country.

“What Whitney gave me was not just a job—it was the beginning of a new life.”

Stories like this are not rare; they are the Whitney pattern.

Her leadership is built on compassion, integrity, and the belief that talent comes from everywhere—and deserves a fair chance.

This is the kind of leadership Canada honours with the Order of Canada: leadership that builds people, not just companies.

From All of Us at McRock

Whitney, we are honoured to stand beside you as you receive one of the country’s most prestigious distinctions. This is a moment that reflects your character, your conviction, your impact, and the many lives you’ve lifted along the way.

Canada is better because of your work.

We’re in good company on Inc.’s 2025 list. Even better company in the founders we back.

The bar has never been higher, and we’re proud to have cleared it. Inc. named McRock to its 2025 Founder-Friendly Investors list, highlighting firms that walk the talk – standing beside founders, not just behind them.

Recognition matters. But what really matters is the experience of the people building bold companies with us. Our founders get more than funding; they get partners who join them on the board, roll up their sleeves, and walk alongside them.

It’s one thing to say a firm is founder-friendly. But it’s a promise we delight in delivering on.

We take board seats. We dive into strategy. We know when to encourage and when to push, because building bold companies means levelling up, not coasting through. We also stay steady during the hard times. In our line of business, success comes after challenging moments and tough decisions. In those moments, founders need experienced and calm partners.

That balance – support when it’s needed, pressure when it’s right – is what makes the founder experience with McRock valuable. It’s also what makes this recognition meaningful: Inc. may have given us the title, but our founders live it.

Just ask Ignasi Vilajosana, founder and CEO of Worldsensing:

“What makes McRock different is that Scott and Whitney are entrepreneurs working with entrepreneurs. They know the industry and can talk shop in a way most investors can’t – bringing pragmatic input that helps us move forward. They live their values with honesty and transparency, which builds real trust. And their support goes well beyond funds or lip service; they’re focused on long-term success, not short-term ego.”

Our portfolio founders’ words carry more weight than any award.

“Every conversation with McRock leaves me more energized. Whitney and Scott bring a level of care and thoughtfulness that go far beyond capital,” says Mok Oh, Foundation EGI CEO and co-founder, “They ask how they can help…and then they show up. For a founder, that kind of partnership makes the work easier, and it also makes the work better.”

Because founder-friendly is about building the kind of partnership that makes founders stronger, sharper, and more resilient.

“Having McRock in our corner has meant more than capital. They brought conviction through both highs and lows and never lost sight of the human element – people build companies. McRock has been consistent, rain or shine, and their professionalism and steady hand made them a partner we could always rely on. All those small things add up to feeling like you have someone to take on the world with you,” shares James Neufeld, samdesk CEO and founder. “Their impact on samdesk has been hugely positive.”

Thank you, Inc., for recognizing what makes McRock special.

And thank you to our founders, who are changing the world with their technology. You make our work meaningful.

Because faster isn’t enough if it can’t be trusted

Private 5G goes far beyond a stronger signal. It’s the backbone of the digital industrial era – factories humming on real-time data, hospitals relying on connected devices, transit systems moving with split-second precision.

But here’s the rub: every new device, every new connection, is another open door. Traditional IT security tools weren’t designed for this world, and in industrial ops, the stakes are mission-critical.

That’s why we’re welcoming OneLayer to the McRock portfolio.

Turning private 5G into secure, visible networks 

OneLayer has built a Zero Trust security and asset management platform designed specifically for private 5G and LTE. It gives enterprises the three things they need most: visibility, control, and confidence.

Devices? Detected and classified automatically.

Onboarding and SIM provisioning? Seamless.

Policies like geo-fencing and micro-segmentation? Enforced in real time, at scale.

And all of it plugs straight into existing IT and OT environments – no secret telecom handshake required.

The result: organizations can finally adopt private 5G without crossing their fingers.

Security unchains Industrial AI

Private 5G is quickly becoming critical infrastructure for Industrial AI. Autonomous robots, connected factories, energy grids – it’s the connective tissue of the next industrial revolution.

But connectivity without security? That’s a house of cards. Enterprises can’t unlock the promise of Industrial AI if the foundation can’t be trusted. OneLayer makes sure private 5G is not only fast, but also secure, resilient, and industrial grade.

Security minded. Mission driven

What impressed us most is the team behind the tech. Veterans of military intelligence, cybersecurity, and high-growth startups, they’ve lived the pain points firsthand. And they’re building something as practical as it is powerful.

They know that in industry, theory doesn’t cut it. Execution does.

Building trust into the next wave of digital transformation

At McRock, we back the industrial software that will underpin the next wave of digital transformation. Private 5G is one of those waves – but it won’t crest without security. OneLayer provides the missing layer of trust, bridging IT and cellular so enterprises can scale safely and confidently.

We’re proud to join a strong group of institutional investors who see what we see: a sharp vision, a strong team, and the solution to a problem that really matters.

The foundation for what comes next

This is the kind of company that makes you optimistic about what’s ahead. Not because they’re riding hype, but because they’re solving a real challenge with discipline and conviction.

OneLayer is securing the future of industrial connectivity, and creating the trusted foundation Industrial Software and AI needs to thrive.