Canvass Analytics

Toronto-based Canvass Analytics offers industrial manufacturers a unified no-code platform to gather and process data, build and train models, and deploy AI solutions across the factory floor and help scale-up operations with data-driven insights to enable production process improvement and asset performance optimization. The company caters to verticals such as manufacturing, oil and gas, automotive, food and beverage, energy, and metals. Canvass Analytics received a patent from the US Patent and Trademark Office (USPTO) for its industrial AI platform in June 2022 enabling users to efficiently utilize collected data in everyday operations by providing time-series forecasts to make adjustments to their processes and assets in real time. The company received another patent in October 2022 for its process speed-based forecasting technology.

Key customers and partnerships

Canvass Analytics’ technology is currently being used by several Fortune 500 companies, including Nestle (a food and beverage company), ABB (an automation technology provider), Magna International (an auto parts manufacturer).

Canvass has partnered with Microsoft and OSIsoft to offer its software, and with engineering company Brock Solutions. In March 2022, Canvass' software-as-a-service (SaaS) platform was made available on Microsoft Azure Marketplace to accelerate the industrial sector’s adoption by targeting industrial engineers that could use the SaaS platform without any expertise in data science.

Funding and financials

In August 2022, Canvass Analytics announced raising USD 7.73 million in an extension to its Series A round (reported in 2020) led by Yamaha Motors Ventures and USD 4.43 million (as previously reported in April) as a repayable loan from the  Government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).