The Toronto-based firm, which offers AI-enabled industrial software, announced a Series A funding round led by Yamaha Motor Ventures, bringing its total raised to date to approximately $17 million. (BetaKit)
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The Toronto-based firm, which offers AI-enabled industrial software, announced a Series A funding round led by Yamaha Motor Ventures, bringing its total raised to date to approximately $17 million. (BetaKit)
Talking point: Canvass’s software tool improves manufacturing firms’ production yield and energy efficiency by deriving data insights from their existing machinery and operations. It has about 15 customers, mostly in North America, in the food and beverage, metals, energy and automotive sectors. The company will use this latest round of funding to expand its reach to Europe and Asia. The bulk of the $8.5 million came from the US$100-million Yamaha Motor Exploratory Fund, which invests in technologies that aim to reduce the environmental impact of the industry. Canvass CEO Humera Malik said the pandemic has spurred the company’s business growth, leading it to accelerate its fundraising.
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