Seed-to-Sale software startup Canix raises $10m Series A funding to accelerate growth

Seed-to-Sale software startup Canix raises $10m Series A funding to accelerate growth

Published: 09-06-2022 10:52:00 | By: Pie Kamau | hits: 3266 | Tags:

Canix, a market-leading cannabis ERP seed-to-sale platform, announced it has raised $10 million in funding from venture capitalists.

Canix launched in 2019 from Y Combinator and, in 2020, won TechCruch Disrupt Startup Battlefield. Both founders were also featured in Forbes 30 Under 30. Since then, Canix has expanded to serve 2,300 licenses across 15+ states and 6 countries.

Armed with the data, customer feedback, seasoned product team, and funding, Canix now has the tools to build the preeminent cannabis ERP. Recently built integrations such as Sage Intacct, product costing tools, and multi-facility management, have made Canix a must-have for large operations.

Stacey Hronowski, Co-founder and CEO, Canix: "This is a huge milestone for us. Our goal has always been to help businesses in the cannabis industry thrive. The industry will experience unprecedented growth over the next 12 months. With that growth comes supply chain and logistical challenges. This backing allows us to keep up with that growth; further developing our product and providing operators with the best tools to run a profitable cannabis business."

This capital raise will spur the development of features for cultivation forecasting, material resource planning (MRP), warehouse management, and procurement. Additionally, it will provide a war chest for market expansion considering a number of states have recently passed legislation allowing recreational or medical cannabis, and several more are expected to pass this year.

Artem Pasyechnyk, Co-founder and CTO, Canix: "Software will have a profound impact on the trajectory and pace of the industry. Our continued investment into innovative solutions to solve the unique problems of the cannabis space will allow us to unlock the full potential of the critical compliance and operational data that our customers have been gathering for years. We are thrilled to have the opportunity to turn all these data points into actionable insights and forecasts for the industry at large, and empower us all to thrive in the era of legalization."

Compliance in the cannabis industry is a nightmare for many producers creating inefficiencies  across the supply chain. Canix simplifies compliance workflows to help scale operations and calculate profit-per-gram to give operators visibility into their businesses profit margin.

Additional features included in the platform are: live inventory management for sales teams, sales and invoice creation, harvest yield tracking, open API for data integrations, RFID scanning tools, non-cannabis inventory management, purchase order placement, manufacturing batch tracking, custom label creation, Task Management, and extensive reporting.