On August 21, 2018, Canvass Analytics announced that it has closed a US$5 million financing round, led by Gradient Ventures. Additional participation came from Bedrock Industries, Viaduct Ventures and existing investors Real Ventures and Barney Pell.
Canvass Analytics’ use of artificial intelligence (AI) technology to dramatically accelerate the time-to-value in Industrial AI and IoT implementations attracted Gradient Ventures to make its first lead investment outside of the United States.
Gradient Ventures is Google’s new AI-focused venture fund – investing in and connecting early stage startups with Google’s resources, innovation, and technical leadership in artificial intelligence. Gradient focuses on helping founders navigate the challenges in developing AI-based products, from leveraging training datasets to helping companies take advantage of the latest techniques.
Canvass is a leader in automating intelligent industrial operations through its AI-powered predictive analytics platform. Canvass’ customers include leading automotive, aerospace, energy, and food and agriculture companies globally, who are using Canvass' platform to automate complex production processes, generate new revenue streams and create new markets by producing higher grade products.
Osler, Hoskin & Harcourt LLP represented Canvass with a team consisting of Chad Bayne, Michael Grantmyre and Alana McElhinney (Corporate).