Canvass AI Powers Oil and Gas Companies to Cut Unplanned Downtime & CO2 Emissions

TORONTO, Ont. – [February 22, 2021] – Canvass Analytics Inc., (“Canvass AI”), a global leader in industrial AI software, today announced its AI platform has been deployed by two major energy companies to improve overall plant resiliency. Based in North America and Southeast Asia, the oil and gas and geothermal companies are using Canvass AI to optimize asset utilization, reduce unplanned downtime, and lower carbon emissions.

The customers are part of a growing roster of energy enterprises that are seeking to extract an estimated US$1T of value from their existing digital investments. Of this, the World Economic Forum projects that oil and gas companies have the potential to unlock US$275B through operational optimization – highlighting the immense Return on Investment opportunity for energy companies when they apply AI to derive operational insights from their data. In addition, with AI the oil and gas sector can advance its net-zero emissions ambitions by reducing water consumption, risk of pipeline spills, and CO2 emissions.

“The addition of these customers proves that industrial companies can quickly extract value from their digital investments using our no-code AI platform,” said Humera Malik, Canvass AI CEO. “The Canvass AI platform is founded on three core pillars: providing the predictive insights to improve resiliency; empowering the operations workforce with AI and removing the reliance on consultants; and paving the way for environmentally sustainable operations with a scalable platform where AI can be applied across the entire facility. The result is an AI platform in which operations teams can create immediate impact in their day-to-day operations.”

“Enabling operational agility with a digitally connected workforce provides a competitive advantage and is now more critical than ever in light of the COVID-19 crisis,” said Matthew Littlefield, Principal Analyst at LNS Research. “Canvass AI empowers industrial workforces with machine learning so they can be key participants in their industrial transformation.”

The Canvass AI Platform is transforming industrial operations by putting the power of AI in the hands of engineers. By making the process of preparing data and building, training, and deploying machine learning models possible without coding skills, Canvass is creating a new generation of citizen data engineers who can gain value from their data and achieve immediate operational impact. Key features of the software-as-a-service Canvass AI platform include:
* Automated data preparation: Canvass AI Data Engine ingests data from multiple sources and automates the data connection, standardization, and cleansing required to prepare data for machine learning
* Enriched data visualization: empowering engineers to contextualize data, identify trends and explore new findings via interactive visualization with charts and graphs
* Pre-coded machine learning templates: for industrial manufacturing’s most common use cases such as anomaly detection, asset and process optimization, defective part detection, asset failure prediction, forecasting, and to model what-if scenarios
* Scalable to support multiple AI deployments: deploy AI across the entire factory floor and your facility network
* Integration with Canvass Academy: an online, self-paced learning program with hands-on labs that accelerate users’ proficiency in using the Canvass AI platform.

Canvass AI customers are achieving immediate time to value in days, not months. For example, a leading global Fortune 500 manufacturer has automated the optimization of its co-generation assets, which is reducing the plant’s greenhouse gas emissions and cutting energy costs by $100,000s annually due to lower natural gas and water consumption.

ENDS

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Canvass AI is a leading AI software provider for the industrial sector. Canvass AI simplifies the process for industrial engineers to deploy and scale AI across their operations without the need for coding skills. Some of the world’s largest industrial companies are using Canvass AI to improve resiliency, empower their workforce, and drive their net-zero ambitions. Canvass’s customers span the food and beverage, chemicals, energy, metals and mining, oil and gas, pharmaceutical, and automotive sectors. Its investors include Yamaha Motor Ventures and Laboratory and Alphabet’s Gradient Ventures

This release was published on openPR.