TORONTO, Aug. 21, 2018 /CNW/ -- Canvass Analytics, a provider of Artificial Intelligence (AI)-enabled predictive analytics for the Industrial Internet of Things, announced today that it has closed a USD$5 Million investment round, led by Google's AI-focused venture fund, Gradient Ventures. Additional participation came from Bedrock Industries, Viaduct Ventures and existing investors Real Ventures and Barney Pell.
Canvass Analytics' use of AI technology to dramatically accelerate the time-to-value in Industrial AI and IoT implementations, attracted Gradient Ventures to make its first lead investment outside of the United States.
"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, a 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."
Founded in 2016, Canvass Analytics provides an automated AI-powered analytics platform that can proactively and continuously identify operational improvements up to 12 times faster than any other solution. Canvass Analytics helps companies become efficient and agile in automating industrial operations. For example, Canvass has worked with manufacturers to 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.
"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," said 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."
"Canvass Analytics is transforming the way that industrial companies view their operations," says 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."
The new investment round will fund Canvass Analytics' growth strategy, as the company sets out to increase its footprint in Fortune 500 companies across the globe.
About Canvass Analytics
Canvass Analytics is a leader in automating intelligent industrial operations through its AI-powered predictive analytics platform. Canvass provides an enterprise grade platform for industrial customers to implement and scale automated industrial operations in a matter of days, using its pre-built predictive models pipeline. Today, Fortune 500 companies are using the platform to automate complex production processes, generate new revenue streams and create new markets by producing higher grade products. Canvass Analytics' customers include leading automotive, aerospace, energy, and food and agriculture companies globally. For more information, visit www.canvass.io.
About Gradient Ventures
Gradient Ventures is Google's new AI-focused venture fund - investing in and connecting early stage startups with Google's resources, innovation, and technical leadership in artificial intelligence. The fund focuses on helping founders navigate the challenges in developing AI-based products, from leveraging training datasets to helping companies take advantage of the latest techniques, so that great ideas can come to life. Gradient was founded in 2017 and is based in Palo Alto, California. For more information, visit Gradient.com.
About Real Ventures
Real backs world-class entrepreneurs building game-changing companies, connecting them to local and national ecosystems and helping guide them through their next stages of evolution. The firm invests throughout the life-cycle of early-stage companies and provides stage-appropriate capital and support for the founders it backs. Real believes that VCs should play a role in accelerating the creation of world-class tech ecosystems by providing support beyond the companies for whom it writes cheques. It's this collaborative mindset that inspires Real to launch initiatives that lay, or build upon, the foundations of rapidly growing tech hubs in Canada, and wherever else the firm may go. realventures.com
SOURCE Canvass Analytics
For further information: Michael Porter, Senior Account Executive, Ketchum, [email protected], (415) 984-2201, http://www.canvass.io