Canvass AI, a Denver, CO, and Toronto, ON-based leader in industrial AI software, announced the completion of its previously reported Series A financing with an extension of $7.73 million, bringing Canvass AI's total Series A funding to $14.23 million.
The round was led by Yamaha Motors Ventures and a CDN $5.7 million ($4.43 million) repayable loan from the Government of Canada, through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
The Series A extension will fuel the company’s mission to empower industrial workforces to drive impact across their operations with the power of Industrial AI.
The FedDev loan will enable the company to expand its diverse and inclusive workforce in Ontario as the company accelerates its growth with industrial companies that are rapidly adopting and scaling AI across their operations.
Company: Canvass Analytics Inc.
Raised: $7.73M
Round: Series A ext.
Funding Month: Aug 2022
Lead Investors: Yamaha Motors Ventures
Additional Investors: Federal Economic Development Agency
Company Website: https://www.canvass.io/
Software Category: Industrial AI Software
About the Company: Canvass AI is a leading industrial AI software provider that puts the power of AI in the hands of industrial workforces to solve day-to-day operational problems. The Canvass AI platform provides industrial engineers with easy-to-use AI solutions to apply and scale across their operations that address their operational challenges, without requiring coding or data science expertise. Some of the world’s largest companies use Canvass AI’s patented Industrial AI Platform to reduce carbon emissions and waste, improve yields, and optimize facility operations. The Company is recognized by CB Insights as one of the world’s top 50 technology companies that are advancing manufacturing.
Source: https://www.canvass.io/news/canvass-ai-completes-14-million-series-a-funding