Canvass AI Raises US$6.5 Million Series A to Fuel Industrial AI Adoption
TORONTO – OCTOBER 28, 2020 – Canvass Analytics Inc., a leader in industrial AI, has closed US$6.5 million in Series A funding. The funding round was led by Yamaha Motor Ventures and Laboratory Silicon Valley, Inc. (Yamaha Motor Ventures) 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.
“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,” said Anish Patel, partner and lead of mobility investment for Yamaha Motor Ventures.
“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.”