Axora, an innovation hub for digital solutions, has announced that it is set to expand as it closes a $10m funding round from private placements.

The latest financing round has introduced new minority shareholders Traxys and Société Générale.

Other private investors such as ABCP fund and the Boston Consulting Group also participated in the financing round.

BCG Digital Ventures managing director and partner Ajay Chowdhury said: “We estimate that approximately $200bn in Intellectual Property is duplicated every year across industrial companies.

“Many companies across different sectors are looking to solve the same or similar problems but unfortunately there’s a lack of transparency across industries which results in wasted investment as companies develop technology solutions which have already been built elsewhere.”

The new investment will enable Axora to further develop its platform. It will also allow Axora grow its portfolio of the most applicable technology solutions.

Axora CEO Ritz Steytler said: “This is an exciting time to be joining Axora as CEO. Through its innovative digital solutions, Axora is uniquely placed to help industrial companies to transform and thrive.

“This new investment not only validates our offering but ensures that we continue to identify and provide digital solutions that solve many of the pain points suffered by businesses in industry today. I’m looking forward to leading Axora through the next phase of its development.”

Last month, Axora and specialist software provider InfoSaaS announced a partnership that aims to “transform the processes and costs” of ISO management system certifications for companies across the mining, oil, and gas industries.