Canvass Analytics, a Toronto, Canada-based industrial AI company, closed US$6.5m Series A funding round.
The round, which brought the total investment to date to US$13m, was led by Yamaha Motor Ventures and Laboratory Silicon Valley, Inc., the strategic business development and investment arm of Yamaha Motor Co., Ltd, with participation from existing investors Real Ventures, BDC, EDC, and Viaduct Ventures.
The company intends to use the funds to expand its go-to-market efforts, accelerate product development, and support its customer base of large global enterprises in North America, Europe, and Asia Pacific markets.
Founded in 2016 and led by Humera Malik, CEO, Canvass Analytics is a provider of AI industrial software. Its patent-pending technology enables intelligent industrial operations by putting AI directly in the hands of plant operators, empowering them with data-driven insights to improve production processes and optimize assets. Developed specifically for the industrial sector, large global manufacturing and oil and gas enterprises – including many Fortune 500 companies – use Canvass AI to optimize production processes, generate new revenue streams, and reduce energy and operating costs.
The company’s solution is used in the food and beverage, chemicals, metals and mining, and oil and gas industries. Canvass AI also offers its product through partnerships with Microsoft and OSIsoft.