Toronto industrial AI startup Canvass Analytics has raised $3.3 million USD in what it calls a Series A 2.
A spokesperson for Canvass told BetaKit that the additional funding was an internal round led “mainly” by Yamaha Motor Ventures. They did not disclose which other existing Canvass investors participated in the round.
This financing is part of Canvass’ cumulative $14.23 million USD Series A round, which was raised across three separate financings that span nearly two years. It includes an initial $6.5 million USD close in 2020, in which Yamaha Motor Ventures also participated, as well as $4.43 million USD ($5.7 million CAD) from the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
Founded in 2016 by CEO Humera Malik, Canvass’ artificial intelligence (AI)-driven software
allows manufacturers to monitor and predict future output to help engineers optimize their processes, as well as reduce water consumption and carbon emissions. The platform is used by large industrial companies in the automotive, chemicals, energy, food and beverage, and metals and mining sectors.
Most recently, Canvass was named in CB Insights’ Advanced Manufacturing 50 list that was released at the end of July.
In addition to Yamaha Motor Ventures and the federal government, Canvass’ backers include Real Ventures, the Creative Destruction Lab, and Gradient Ventures.
When asked why Canvass decided to label the $3.3 million raise as Series A 2 and extend its Series A round for nearly two years, the company pushed away concerns about the current market conditions and said it wanted to focus energy on growth rather than financing.
“We are heads down scaling the business as we hit certain milestones,” Canvass’ spokesperson said. “We plan to secure the next financing round as needed.”
According to Malik, this new capital will allow the company to expand its sales outreach in North America and the Middle East, scale its go-to-market strategy and engineering teams, as well as build a strong community of users.
Canvass’ loan from FedDev Ontario is expected to help the startup in doubling its Toronto workforce. With a current headcount of 40, Canvass said it plans to hire 45 people in the next two years.
Featured image from Canvass AI’s website.