Canvass Analytics wraps up Series A financing at $14.23m

• Also included is a $4.43 million loan from the Government of Canada
• The capital infusion will be used for growth, expansion and diversity
• Canvass AI is also backed by Alphabet

Canvass Analytics (Canvass AI), a Toronto-based industrial artificial intelligence software company, has completed its Series A financing at $14.23 million.

The round included a $7.73 million extension led by Yamaha Motor Ventures. Also included is a $4.43 million loan from the Government of Canada, through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). Canvass AI is also backed by Alphabet.

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 completion of our Series A endorses our go-to-market strategy and the acceptance of our solution in 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, is providing a positive impact to their productivity, profitability, and sustainability goals,” said Humera Malik, CEO of Canvass AI, in a statement . “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.”

As previously announced, 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 who are rapidly adopting and scaling AI across their operations.