Sunday, May 22, 2022

Canadian government invests in woman-led, sustainable AI company in Toronto

The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) today  announced an investment of over C$5.7 million in Canvass Analytics 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.

Established in 2016 by chief executive officer and founder Humera Malik, the company’s platform is used by industrial companies in the automotive, chemical, energy, and food and beverage industries, as well as the metals and mining sectors.

Canvass AI’s software allows manufacturers to monitor and predict future output so that  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 grow and speed up the commercialization of its AI software platform. In addition, the investment will create 45 new jobs and help position the company for future growth.  

Honourable Helena Jaczek, the minister responsible for FedDev Ontario, said the government’s 2022 budget focused on protecting the environment and fighting climate change in a way that can also help build the 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,” Jaczek said. 

In 2019, Canvass AI was named one of the top 50 start-ups by Tech Report. In 2018, Malik was presented with RBC’s Canadian Women Entrepreneurs ‘Ones to Watch’ Award. 

“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,” Malik said. “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.” 

FedDev Ontario is delivering C$224 million of the Jobs and Growth Fund to help businesses in southern Ontario expand 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 more than 85 green technology projects in southern Ontario, creating 4,850 jobs and maintaining over 1,550 jobs.

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Jim Love, Chief Content Officer, IT World Canada
Samira Balsara
Samira Balsara
Samira is a writer for IT World Canada. She is currently pursuing a journalism degree at Toronto Metropolitan University (formally known as Ryerson) and hopes to become a news anchor or write journalistic profiles. You can email her at sbalsara@itwc.ca

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