Canvass AI secured US $14.23M Series A Extension Funding Round


Canvass Analytics, an Ontario-based provider of an industrial AI software platform, has now secured $14.23 million in a Series A funding round.

Canvass AI was founded by Humera Malik. It is a software provider that leverages AI to enable industrial workforces to solve day-to-day operational problems, such as reducing carbon emissions and waste, improving yields and optimizing facility operations.

The AI startup’s customers span the oil and gas, metals and mining, chemical and petrochemical and energy sectors.

Executive Opinion

Humera Malik, CEO of Canvass AI, said, "The completion of our Series A endorses our go-to-market strategy and the acceptance of our solution in the market. Today, leading industrials and manufacturers are using our patented Canvass AI platform to solve challenges that have plagued their operations for decades. This, in turn, provides a positive impact on their productivity, profitability, and sustainability goals. This additional financing places us in a solid position to achieve our growth plans and accelerate AI adoption in large and mid-cap industrial companies."

Honourable Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario, said, "Our government believes that protecting our environment and fighting climate change is not only the right thing to do for the planet but also for our economy. The Government of Canada is proud to support tech companies like Canvass AI in the important work they are doing to reduce the environmental impact of major industries as we move toward net-zero emissions."

Canvass Analytics' Latest Funding

The round even includes an extension of the $7.73 million, backed by Yamaha Motor Ventures, and a $4.43 million repayable loan from the Government of Canada, through the Federal Economic Development Agency for Southern Ontario.

The AI startup, as of now, has plans to use the new funds to expand operations and its business outreach.

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Udit Agarwal Opinions expressed by techsutram contributors are their own. More details

Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

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