Yamaha Motor VC Pumps Fresh Funding Into Canvass Analytics
This article was originally published on AIThority.com
The VC arm of Yamaha Motor has invested in the latest funding round of Canvass Analytics, a Canadian AI software startup which makes AI ML solutions for industrial set up. Canvass Analytics Inc. which focuses on automation and industrial AI closed US$6.5 million in Series A funding.
At the time of this announcement, Anish Patel, partner and lead of mobility investment for Yamaha Motor Ventures said:
“Yamaha Motor Ventures has a passion for identifying disruptive technologies that are backed by ambitious teams. Canvass ticks both of these boxes as they seek to help manufacturers overcome decades-long operational challenges with the power of AI.”
Anish added, “The addition of Canvass to our portfolio underpins our vision to create the future of industries. We look forward to working with the Canvass team to scale their technology and bring value to additional sectors and markets.”
The funding round was led by Yamaha Motor Ventures & Laboratory Silicon Valley (YMVSV). YMVSV is the strategic business development and investment arm of Yamaha Motor Co., Ltd, with participation from existing investors Real Ventures, BDC, EDC, and Viaduct Ventures, bringing the total investment in Canvass to date to US$13 million. The funding will be used to aggressively expand Canvass’s go-to-market efforts, accelerate product development, and support the company’s growing customer base of large global enterprises in North America, Europe, and Asia Pacific markets.
Canvass’s vision is to transform manufacturing by demystifying AI on the operations floor so that employees who are not data science experts can use it too. According to IDC, the volume of operational data will increase two to three-fold by 2025, but the MAPI Foundation found that 47% of industrial workforces lacked the digital skills needed to derive value from it.
Canvass empowers manufacturers to overcome this challenge by providing a no-code platform that puts the benefits of AI-powered data analysis in the hands of operators by simplifying the process of building, training, and scaling applied industrial AI in their day-to-day operations.
“By putting AI in the hands of industrial engineers, Canvass is transforming plant operations from being reactive to predictive, which is critical for the future of sustainable and profitable operations. This latest round of funding, led by our new investor Yamaha Motor Ventures, fuels our ambition to be the number one player in AI for industrial operations,” commented Humera Malik, CEO of Canvass Analytics.
Founded in 2016, Canvass has increased its customer footprint directly in the food and beverage, chemicals, metals and mining, and oil and gas industries, and through partnerships with Microsoft and OSIsoft. Canvass’s patent-pending platform is being used by some of the largest industrial companies to improve overall equipment effectiveness, reduce waste, and improve operational efficiency.
YMVSV was established in 2018 to spearhead Yamaha Motor’s global corporate venturing activities. The facility has a total investment of US$ 100 million and an operation period of 10-years. The establishment of the fund shows the Company’s long-term commitment to our corporate venturing activities.
Currently, Yamaha Motor VC arm is targeting venture companies with innovative technologies and business models in future personal mobility, urban transportation, aviation, automated agriculture and automated health care. Canvass Analytics is among the most potent investments in the fast-emerging Industrial AI segment.
Canvass Analytics’ 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. Canvass investors include Yamaha Motor Ventures and Laboratory Silicon Valley and Alphabet’s Gradient Ventures.