Canvas AI completes US $14.23M Series A funding
by CM Staff
The Series A extension will fuel the company's attempt to empower industrial workforces to drive impact across their operations with the power of Industrial AI.
DENVER and TORONTO — Canvass Analytics Inc., a company involved in industrial AI software, 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 attempt 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,” said Humera Malik, CEO of Canvass AI. “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.”
As previously announced, the FedDev loan will enable the company to expand its 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” said the 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.
The Canvass AI platform provides industrial engineers with AI solutions to apply and scale across their operations that address their operational challenges, without requiring coding or data science expertise.
