Canvass Analytics has received $5 million in funding from Gradient Ventures, a Google-created venture fund that eyes start-ups that hone in industrial applications for artificial intelligence (AI). Canvass Analytics said it will earmark the new round of funding to expand operations in Europe and Asia.
An excerpt from the VentureBeat report:
“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 Gradient Ventures founder and partner Ankit Jain in a statement shared with VentureBeat. “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.”
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Canvass Analytics is engaged in ongoing conversations with Google about its efforts to improve energy efficiency using AI, company CEO Humera Malik told VentureBeat in a phone interview. Canvass Analytics declined to share the names of its many customers but said it has helped a steel manufacturer improve efficiency and removed more than 10 million pounds from the annual carbon footprint of a food processing plant.
Canvass Analytics is based in Toronto; San Francisco; and Basel, Switzerland. The company currently has 20 employees, and it plans to triple its employee count. Canvass Analytics was established in March 2016 and has raised $6.5 million to date.
