Canvass AI Raises $6.5M Series A Funding

Canvass Analytics Inc. 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 VenturesBDCEDC, 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.

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.

About Canvass Analytics

Canvass Analytics is a leading provider of AI industrial software. Its patent-pending technology enables intelligent industrial operations by putting AI directly in the hands of plant operators, empowering them with data-driven insights to improve production processes and optimize assets. Developed specifically for the industrial sector, large global manufacturing and oil and gas enterprises – including many Fortune 500 companies – use Canvass AI to optimize production processes, generate new revenue streams, and reduce energy and operating costs. Canvass investors include Yamaha Motor Ventures and Laboratory Silicon Valley and Alphabet’s Gradient Ventures.

For more information, visit canvass.io.

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