GOVERNMENT FINANCE

Canvass AI Accelerates Expansion with Completion of US $14.23 Million Series A Funding

FedDev Ontario | August 10, 2022 | Read time : 03:23 min

Canvass AI news
Canvass Analytics Inc. ("Canvass AI"), a leader in industrial AI software, today announced the completion of its previously reported Series A financing with an extension of US $7.73 million, led by Yamaha Motors Ventures and a CDN $5.7 million (US $4.43 million) repayable loan from the Government of Canada, through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). The Series A extension will fuel the company's mission to empower industrial workforces to drive impact across their operations with the power of Industrial AI.

"The completion of our Series A endorses our go-to-market strategy and the acceptance of our solution in market. Today, leading industrials and manufacturers are using our patented Canvass AI platform to solve challenges that have plagued their operations for decades. This, in turn, is providing a positive impact to their productivity, profitability, and sustainability goals, This additional financing places us in a solid position to achieve our growth plans and accelerate AI adoption in large and mid-cap industrial companies."

-Humera Malik, CEO of Canvass AI.

As previously announced, the FedDev loan will enable the company to expand its diverse and inclusive workforce in Ontario as the company accelerates its growth with industrial companies who are rapidly adopting and scaling AI across their operations.

"Our government believes that protecting our environment and fighting climate change is not only the right thing to do for the planet but also for our economy. The Government of Canada is proud to support tech companies like Canvass AI in the important work they are doing to reduce the environmental impact of major industries as we move toward net-zero emissions." 

-Honourable Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario.

Canvass AI's laser focus on enabling industrial companies to achieve their performance goals faster with the power of AI is filling a gap in the market that industrial companies have been searching for. We are excited by Canvass AI's strategy to empower industrial engineers as the change makers of Industry 4.0 so that the industrials can extend their competitive advantage, reduce costs, and advance their sustainability initiatives, commented Anish Patel, COO and Managing Director of Yamaha Motor Ventures.

Canvass AI's customers span the oil and gas, chemical and petrochemical, metals and mining, and energy sectors, all of which contribute significantly to the global economy and will play key roles in combating climate change. The Canvass AI platform provides industrial engineers with easy-to-use AI solutions to apply and scale across their operations that address their operational challenges, without requiring coding or data science expertise. Today, leading companies use Canvass AI to reduce carbon emissions and waste, improve yields, optimize facility operations, improve asset reliability and integrity, and optimize energy consumption.

About Canvass  AI:
Canvass AI is a leading industrial AI software provider that puts the power of AI in the hands of industrial workforces to solve day-to-day operational problems. Some of the world's largest companies use Canvass AI's patented Industrial AI Platform to reduce carbon emissions and waste, improve yields, and optimize facility operations.  Backed by Alphabet and Yamaha Motor Ventures, the Company is recognized by CB Insights as one of the world's top 50 technology companies that is advancing manufacturing. 

About FedDev Ontario:
For 13 years, the Government of Canada, through FedDev Ontario, has worked to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation, growth and job creation in Canada's most populous region. The Agency has delivered impressive results, which can be seen in southern Ontario businesses that are creating innovative technologies, improving productivity, growing revenues, creating jobs, and in the economic advancement of communities across the region.

Spotlight

Like cicada swarms, presidential commissions and federal initiatives to eliminate local barriers to housing development have a certain temporal cadence. By my accounting, there have been at least five such efforts over the past fifty years put in motion by both Democratic and Republican administrations (see Table 1). Though their respective contexts may vary according to the political economy of the time, their centers of gravity are strikingly similar. Each is based on the proposition that unnecessary land use regulations drive up production costs and drive down housing supply, especially for starter homes and affordable apartments.

Spotlight

Like cicada swarms, presidential commissions and federal initiatives to eliminate local barriers to housing development have a certain temporal cadence. By my accounting, there have been at least five such efforts over the past fifty years put in motion by both Democratic and Republican administrations (see Table 1). Though their respective contexts may vary according to the political economy of the time, their centers of gravity are strikingly similar. Each is based on the proposition that unnecessary land use regulations drive up production costs and drive down housing supply, especially for starter homes and affordable apartments.

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