Company finds progressive global markets for its industrial analytics technology
May 9, 2019 - Canadian Trade Commissioner Service
Selling leading‑edge technology abroad that allows industries to use artificial intelligence to automate their processes and improve efficiencies is a challenging undertaking.
But Canada’s Canvass Analytics Inc. is up to the task, with a proven track record at home, a strong international strategy and the support of the Canadian Trade Commissioner Service (TCS) in countries around the world. The Toronto‑based industrial analytics company is making inroads in markets such as Singapore and Germany for its high‑tech products.
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The company’s artificial intelligence (AI) platform helps industries such as large manufacturing plants and energy facilities collect, process and interpret the large volumes of operational data that they produce. Only 1 percent of such information is currently captured and used and it can take months of analysis to crunch the numbers, says [Humera] Malik, a computer software engineer [and CEO of Canvass]. Canvass’s technology can be plugged into Industrial Internet of Things systems that generate data, such as sensors and other instruments deployed on production lines, to provide business insights. For example, the technology can help operators use energy more efficiently and reduce their greenhouse gas emissions.
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"Since day one we've taken a very global approach"
Many challenges remain for Canvass—“We have all the usual growing pains,” she says—and while Canada remains a “huge market,” the company is firmly focused internationally, with half of current revenues coming from overseas. “Since day one we’ve taken a very global approach,” Malik says, while “from a small business perspective it’s not easy.
Her advice for other companies like hers looking to expand somewhere outside of Canada is simple: “Strategically identify and go after that market, in collaboration with the TCS.”
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