The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) today announced an investment of more than C$5.7 million in Analytical Canvas Inc. (Canvass AI) a woman-led artificial intelligence (AI) company whose mission is to make AI easy to use so that the industrial sector can accelerate its transformation into a profitable and environmentally sustainable industry.
Created in 2016 by CEO and Founder Humera Malik, the company’s platform is used by industrial companies in the automotive, chemical, energy, food and beverage, as well as industrial sectors. metals and mining.
Canvass AI software enables manufacturers to monitor and forecast future production so engineers can optimize their processes and reduce water consumption and CO2 emissions.
Through the Jobs and Growth Fund, this investment will allow Canvass AI to scale and accelerate the commercialization of its AI software platform. Additionally, the investment will create 45 new jobs and help position the company for future growth.
The Honorable Helena Jaczek, minister responsible for FedDev Ontario, said the government’s 2022 budget is focused on protecting the environment and fighting climate change in a way that can also help strengthen the economy.
“The Government of Canada is proud to support technology companies like Canvass AI in the important work they are doing to reduce the environmental impact of large industries as we move towards net zero emissions,” said Jaczek.
In 2019, Canvass AI was named one of the top 50 startups by Tech Report. In 2018, Malik received the “Ones to Watch” award for Canadian women entrepreneurs from RBC.
“At Canvass AI, our goal is to transform the industrial sector into a technology-driven industry that exceeds its productivity targets while minimizing environmental impact,” said Malik. “This support from FedDev Ontario will help Canvass AI strengthen our team in Toronto, advance innovation through our industrial AI technology roadmap, and accelerate our growth strategy as we enter new markets across the world. world.”
FedDev Ontario is providing C$224 million from the Jobs and Growth Fund to help businesses in southern Ontario grow by transitioning to a green, inclusive and competitive economy.
Since 2015, the Government of Canada, through FedDev Ontario, has invested over C$170 million in over 85 green technology projects in southern Ontario, creating 4,850 jobs and now over 1 550 jobs.