SILICON VALLEY, Calif., 29th Oct 2020– Yamaha Motor Ventures, the strategic business development and investment arm of Yamaha Motor, led a USD$6.5 million funding round for Canvass Analytics (Canvass), a global leader in industrial Artificial Intelligence (AI) advanced analytics.
The investment in Canvass analytics represents Yamaha Motor Ventures’ strategic focus on innovative technologies that work to solve global, societal challenges including increasing efficiency to reduce environmental impact.
Canvass’s vision is to transform manufacturing by empowering the workforce of the future.
According to IDC, operational data will increase by 2-3x by 2025, but the MAPI Foundation found that 47% of industrial workforces lacked the digital skills needed to derive value from it. Canvass empowers manufacturers to overcome this challenge by providing a no-code platform that puts the benefits of AI in the hands of operators by simplifying the process of building, training, and scaling applied industrial AI in their day-to-day operations.
The Series A funding round will be used to aggressively expand Canvass’s go-to-market efforts, accelerate product development, and support Canvass’s growing customer base of Fortune Global 2000 companies in North America, Europe, and the Asia Pacific region.
“By putting AI in the hands of industrial engineers, Canvass is transforming plant operations from being reactive to predictive, which is critical for the future of sustainable and profitable operations. This latest round of funding, led by our new investor Yamaha Motor Ventures, fuels our ambition to be the number one player in AI for industrial operations,” commented Humera Malik, CEO of Canvass Analytics.
The Series A funding round was led by Yamaha Motor Ventures with renewed participation from existing investors Real Ventures, BDC, EDC, and Viaduct Ventures, bringing the total investment in Canvass to $13 million.