Canvass Analytics Raises $5M for Industrial IoT, Led By Google’s AI Fund
AI is big; it is what will drive autonomy in transport, industry and manufacturing, and the ability for autonomous operations to be able to streamline operations is a primary goal in the development of artificial intelligence technology.
Provider of artificial intelligence predictive analytics solutions, Canada-based Canvass Analytics, has now successfully closed a $US5 million investment round that will enable the company to work further towards that goal.
The investment round, which has been led by Google’s AI venture fund Gradient Ventures and is their first investment outside of the US, and who are joined in the round by Bedrock Industries, Viaduct Ventures and existing investors Real Ventures and Barney Pell, brings Canvass Analytics total investment to a cool $US7.5 million.
Ankit Jain, a founding partner at Gradient Ventures says that “Autonomous operation is the holy grail of manufacturing and AI is the game-changer that is making it a reality across the industrial landscape.”
The company is already known for its success in providing AI tech to industrial IoT applications, improving margins and reducing costs across automotive, food and agriculture, energy and mining industries.
Canvass Analytics, who service several Fortune 500 companies, say that their solutions have also been instrumental in reducing greenhouse gas emissions to the tune of ‘millions of pounds’.
“We’re backing Canvass Analytics because of its unique approach to implementing AI and predictive analytics quickly and in an automated manner, without the need for lengthy and often cost-prohibitive consulting engagements,” Ankit continues.
“In an industry that is data rich but information poor, we are helping our customers to harness AI to dive deeper into their operations and accelerate their decision making,” says Humera Malik, CEO of Canvass Analytics.
Our disruptive AI analytics platform is enabling Fortune 500 industrial companies to slash costs, increase production and improve quality within days versus months.”
The funding will allow Canvass Analytics to continue to implementing their growth strategy and expanding their footprint servicing Fortune 500 companies globally.
Janet Bannister, Real Ventures Partner and Canvass Analytics Board Member says that Canvass Analytics is transformative for industries, changing the way they view their operations.
“Backed by Canvass vision, executive leadership and strategy, we believe the company has the foundation to become an industry-defining company,” Bannister concludes.
