Canvass Analytics, a provider of Artificial Intelligence (AI)-enabled predictive analytics for the Industrial Internet of Things, announced today that it has closed a $5 Million investment round, led by Google (News - Alert)'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. 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, 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."
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.