TORONTO, March 5, 2019 /PRNewswire/ - Canvass Analytics Inc. a global leader in AI software for intelligent industrial operations, is proud to announce that it has signed an agreement with Stelco (TSX: STLC), the owners of North America's newest and most technologically advanced integrated steelmaking facilities, to use Canvass's AI platform to transform its steel operations, improve yield and boost productivity.
BI Intelligence predicts that global manufacturers will invest $70 Billion on IoT solutions in 2020, up from $29 Billion spent in 2015. As IoT adoption in manufacturing accelerates, this leaves steel plants challenged with untapped real-time data being processed across legacy systems, devices and machines. Canvass Analytics leverages AI and Machine Learning to transform previously unconnected data into predictive analytics insights that improve key business metrics. In many manufacturing processes, decisions are mostly based on institutional knowledge and limited data. Canvass bridges the gap between workforce knowledge and curated IoT inputs to create an Intelligent Operations solution that minimizes energy consumption, increases throughout, reduces downtime and extends the lifetime of a plant's assets.
Alan Kestenbaum, Executive Chairman of Stelco Inc commented: "As a company that strives to deliver the market's highest quality products in a cost competitive manner, we are continuously looking at how we can operate better. By partnering with Canvass Analytics, we are systematically transforming our facilities into intelligent operations environments and augmenting a digitally oriented workforce in order to take the efficiency of our operations to the next level. Canvass Analytics quickly demonstrated to us the usefulness of AI in certain areas of our operations and the potential of applying AI across our operations in order to increase our profitability and competitiveness."
Humera Malik, Chief Executive of Canvass Analytics commented: "As manufacturers digitize their operations floor, they are inundated with volumes of data coming from a multitude of sources. The next step towards intelligent operations requires real-time analytics power that transforms operational data into actionable intelligence. Canvass Analytics empowers industrial operating teams to take control and make data-driven decisions that improves their performance, reduces costs and unlocks new revenue streams."
Funded by Google's AI-fund, Gradient Ventures, Canvass Analytics' customers include Fortune 500 industrial companies across the manufacturing and Oil and Gas sectors. This latest customer win showcases how Canvass's AI platform is being utilized by the industrial sector's most innovative companies to advance their competitive advantage.
About Stelco Stelco is a low cost, integrated and independent steelmaker with one of the newest and most technologically advanced integrated steelmaking facilities in North America. Stelco produces flat-rolled value-added steels, including premium-quality coated, cold-rolled and hot-rolled steel products. With first-rate gauge, crown, and shape control, as well as reliable uniformity of mechanical properties, our steel products are supplied to customers in the construction, automotive and energy industries across Canada and the United States as well as to a variety of steel services centres, which are regional distributers of steel products.
About Canvass Analytics Canvass Analytics is a global leader in AI industrial advanced analytics. Canvass enables intelligent industrial operations with its AI-driven Industrial IoT platform that accelerates mission-critical decision making to minimize energy consumption, increase throughput, reduce downtime and extend the lifetime of a plant's assets. Today, Fortune 500 companies use the platform to optimize complex production processes, generate new revenue streams, and reduce energy and operating costs. Funded by Google's Gradient Ventures, Canvass Analytics' customers include leading manufacturing and oil and gas companies globally. For more information, visit www.canvass.io, follow us on Twitter or LinkedIn.