DENVER and TORONTO, Aug. 23, 2022 /PRNewswire/ – Canvass Analytics Inc. ("Canvass AI"), a leader in industrial AI software, today announced that it has joined the World Economic Forum's Global Innovators Community to help accelerate the world's industrial use of artificial intelligence (AI) and address the industry's role in global economic, productivity and sustainability initiatives.

According to Statista the global industrial goods output will deliver up to US $15.8 trillion in sales by 2030 up from $9 trillion in 2019. However, this growth comes at a cost. The World Bank estimates that global production sectors are responsible for 20% of carbon emissions and 54% of the world's energy consumption today. Even though AI has the potential to reduce emissions by up to 15% while improving productivity and workforce engagement, on average only 6% of industrial manufacturers are fully leveraging technology according to PWC.

The World Economic Forum's Advanced Manufacturing and Value Chains platform is focused on addressing this issue by encouraging innovation and accelerating the adoption of new technology solutions. By joining the World Economic Forum's global innovator community, Canvass will add its expertise in how to bridge this gap and empower industrials to accelerate their growth, efficiency, and sustainability initiatives using AI.

"The world is at a critical juncture that needs impactful change today. Canvass AI's customers are among the industry leaders that are addressing their productivity and sustainability goals using Industrial AI. Joining the World Economic Forum is part of Canvass's vision to shift the needle whereby industrial companies use the power of AI to transform their aspirations into reality," said Humera Malik, CEO of Canvass AI.  

"We are very pleased that Canvass AI has joined the Forum's community. As a global innovator, Canvass's team will add pivotal insights and expertise to accelerate an inclusive AI's adoption and support our ambitions of a more productive, intelligent, and cleaner manufacturing sector," said Felipe Bezamat Kuzmanic, Head of Advanced Manufacturing, World Economic Forum.

Canvass AI's customers span the oil and gas, chemical and petrochemical, metals and mining, and energy sectors, all of which contribute significantly to the global economy as well as climate change risks. The Canvass AI platform provides industrial engineers with easy-to-use AI solutions to apply and scale across their operations that address their operational challenges, without requiring coding or data science expertise. Today, leading industrials and manufacturers use Canvass AI to reduce carbon emissions and waste, improve yields by proactively managing quality, and optimize energy consumption.

The World Economic Forum, committed to improving the state of the world, is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business and other leaders of society to shape global, regional and industry agendas. It was established in 1971 as a not-for-profit foundation and is headquartered in Geneva, Switzerland. It is independent, impartial and not tied to any special interests. The Forum strives in all its efforts to demonstrate entrepreneurship in the global public interest while upholding the highest standards of governance. The Forum believes that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

The Global Innovators Community is a group of the world's most promising start-ups and scale-ups that are at the forefront of technological and business model innovation. The World Economic Forum provides the Global Innovators Community with a platform to engage with public- and private-sector leaders and to contribute new solutions to overcome current crises and build future resiliency. Companies who are invited to become Global Innovators will engage with one of ore of the Forum's Platforms, as relevant, to help define the global agenda on key issues.

Canvass AI is a leading industrial AI software provider that puts the power of AI in the hands of industrial workforces to solve day-to-day operational problems. Some of the world's largest companies use Canvass AI's patented platform to reduce carbon emissions and waste, improve yields, and optimize facility operations. Backed by Alphabet and Yamaha Motor Ventures, the Company is recognized by CB Insights as one of the world's top 50 technology companies that is advancing manufacturing. Follow us on Twitter or LinkedIn. 

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SOURCE Canvass Analytics Inc.