CPE News (4.22.2022) – The Federal Economic Development Agency for Southern Ontario (FedDev Ontario), through the Jobs and Growth Fund, has announced an investment of over $5.7 million for woman-led artificial intelligence (AI) company, Canvass Analytics Inc. (Canvass AI).
FedDev Ontario investment will allow Canvass AI to expand and accelerate the commercialization of their AI software platform, create 45 new jobs and help position Canvass AI for future growth.
Led by CEO Humera Malik, Oakville, Ontario based Canvass AI is a leading AI software provider, whose platform is used by large industrial companies in the automotive, chemicals, energy, food and beverage, and metals and mining sectors.
Canvass AI is principally backed by Yamaha Motor Ventures and Real Ventures and with support of Gradient Ventures (Google’s AI-focused venture fund), BDC Capital, Export Development Canada (EDC), Bedrock Industries, Viaduct Ventures, and others.
photo credit: Canvass AI
News Release
Government of Canada supports growth of woman-led AI company in Toronto
From: Federal Economic Development Agency for Southern Ontario
News release
April 22, 2022 – Toronto, Ontario
FedDev Ontario invests over $5.7 million in Canvass Analytics Inc. to expand and create 45 jobs
As Canada recovers from the global pandemic, the Government of Canada is investing in innovative technologies and businesses that grow a cleaner economy for the future. Canadian companies are advancing our global leadership in the fast-growing clean technology market and helping to create good jobs for Canadians.
Today, on behalf of the Honourable Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), Julie Dzerowicz, Member of Parliament for Davenport, announced an investment of over $5.7 million for woman-led artificial intelligence (AI) company, Canvass Analytics Inc. (Canvass AI).
This investment, through the Jobs and Growth Fund, will allow Canvass AI to expand and accelerate the commercialization of their AI software platform, create 45 new jobs and help position Canvass AI for future growth.
Established by Founder and CEO Humera Malik in 2016, Canvass AI is a leading AI software provider, whose platform is used by large industrial companies in the automotive, chemicals, energy, food and beverage, and metals and mining sectors. The AI software allows manufacturers to monitor and predict future output so that engineers can optimize their processes, reduce water consumption and CO2 emissions.
Quotes
“As demonstrated in Budget 2022, this government believes that protecting our environment and fighting climate change is not only the right thing to do for the planet but also for our economy. The Government of Canada is proud to support tech companies like Canvass AI in the important work they are doing to reduce the environmental impact of major industries as we move toward net-zero emissions.”
– The Honourable Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario
“The Government of Canada and FedDev Ontario are proud to support Toronto-based Canvass AI as it works to reduce the environmental impact of the manufacturing industry within Canada and globally with its innovative AI software. Today’s investment will create 45 new jobs in Toronto, while positioning Canvass AI for long-term success.”
– Julie Dzerowicz, Member of Parliament
“At Canvass AI, our goal is to transform the industrial sector into a tech-driven industry that exceeds its productivity targets while minimizing the environmental impact. This FedDev Ontario support will help Canvass AI to scale up our team in Toronto, advance innovation through our Industrial AI technology roadmap, and accelerate our growth strategy as we enter new markets across the globe.”
– Humera Malik, CEO, Canvass AI
Quick facts
Established in 2016, Toronto-based Canvass AI produces an easy-to-use AI platform used by some of the world’s leading manufacturers to optimize productivity, reduce waste and cut carbon emissions in their facilities.
In 2019, Canvass AI was named one of the top 50 start-ups by Tech Report and in 2018, Founder and CEO, Humera Malik, was named RBC’s Canadian Women Entrepreneurs ‘Ones to Watch’ Award.
FedDev Ontario is delivering $224 million of the Jobs and Growth Fund (JGF) to help businesses in southern Ontario and the organizations who support them, future-proof, build resiliency and prepare for growth by transitioning to a green, inclusive and competitive economy.
Since 2015, the Government of Canada, through FedDev Ontario, has invested over $170 million in over 85 clean technology projects in southern Ontario, creating 4,850 jobs and maintaining over 1,550 jobs. The Agency has also invested over $468.5 million in over 570 projects in Toronto creating almost 21,000 jobs and maintaining more than 37,000 jobs.
Contacts
Monica Granados
Communications Advisor
Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario
monica.granados@feddevontario.gc.ca
Media Relations
FedDev Ontario
fdo.mediarel-relmedias.fdo@feddevontario.gc.ca