Canvass Analytics strikes big on Google investment
The investment is Gradient Ventures first introduction into industrial A.I driven analytics and predictive maintenance for IIoT solutions.
September 18, 2018 - Devin Jones, Design Engineering
For Humera Malik, the path for co-founding and launching the Toronto-based Canvass Analytics traces back to 2005 where she worked for Bell telecommunications as an Assistant Director working on the implementation of smart buildings.
“On the telecoms side, where I started, we were adopting a lot the smart solutions and I got to help build smart solutions with things like smart metering,” Malik says. “It wasn’t exactly on the industrial side, but it was in the smart utilities that I really was able to learn the genesis of the world I’ve found myself in now.”
Focused on industrial implementation of predictive analytics, Canvass Analytics made headlines earlier this year with a five-million-dollar investment from Gradient Ventures, Google’s A.I focused subsidiary. Interesting as a success story for Canadian startups, the news is noteworthy since it’s the first investment Google has made into the A.I driven industrial analytics market.
At it’s core Canvass Analytics tackles the “Data rich, information poor,” situation many companies find themselves when implementing IIoT solutions. Working primarily with manufacturing companies, Canvass skews away from big data projects that don’t lead to actionable results. Instead focusing on predictive analytics and scalability that’s useful to customers immediately.
That speed and scalability begins by trying to answer three questions about the data clients collected, allowing Canvass to best serve their needs:
How can I gain a competitive advantage from this data
How do i meet the growing demands of my market using this data?
How do I optimize production so that I’m prepared for the future?
“Who better to partner with than Google? who’s actually building the future of A.I,” Malik says. “We’re really proud to be their first investment into industrial analytics and for us it’s all about ‘Where can we extract learning opportunities from? And who are the people that are setting these technology standards and creating these platforms?’ Because these are not solutions, solutions are built by people like us,” she says.
To read the full article visit Design Engineering here.