Toronto-based Canvass Analytics has raised $6.5 million CAD from Google’s AI-focused Gradient Ventures, the firm’s first lead round in a Canadian company. Participating companies include Bedrock Industries, Viaduct Ventures, and existing investors Real Ventures and Barney Pell.
The Canvass Analytics funding is Gradient Ventures’ first lead round in a Canadian company.
Canvass Analytics’ analytics platform targets the industrial IoT industry—including agriculture, energy, and mining—to help companies identify operational improvements. The platform has helped customers reduce greenhouse gas emissions by tens of millions of pounds, and generate “millions of dollars” in incremental revenue through quality improvements, production optimization and asset utilization, according to a press statement.
“Autonomous operation is the holy grail of manufacturing and AI is the game-changer that is making it a reality across the industrial landscape,” said Ankit Jain, founding partner at Gradient Ventures. “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.”
The funding will go towards Canvass Analytics’ growth strategy, as the company sets out to increase its footprint in Fortune 500 companies.
“Canvass Analytics is transforming the way that industrial companies view their operations,” said Janet Bannister, Real Ventures Partner and Canvass Analytics Board Member. “Backed by Canvass vision, executive leadership and strategy, we believe the company has the foundation to become an industry- defining company.
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