VANCOUVER, British Columbia--(BUSINESS WIRE)--CIBC Innovation Banking announced today that it has provided a $3.5 million debt financing facility to Edmonton-based, Nanoprecise Sci Corp. (Nanoprecise). The company plans to use the funds for working capital purposes.
Nanoprecise is an automated AI-based maintenance solution provider that helps companies read and interpret data to effectively predict the remaining useful life of any machine or asset. Nanoprecise’s diagnostics provide early detection of changes in machine operations, helping reduce downtime and prevent production delays.
“It was really important for us to work with an experienced financial institution that understood our vision as we’re excited about the massive opportunity for new and innovative solutions in the asset prediction space,” said Sunil Vedula, CEO at Nanoprecise.
The company has become a trusted solution provider in the asset management industry with offices in Canada, the U.S., India, and Europe.
"We are very excited to work with Nanoprecise as it continues to expand across Canada and abroad,” said Joe Timlin, Managing Director, CIBC Innovation Banking. “Through its easy-to-use suite of products, Nanoprecise is helping companies save time and money with innovative technology.”
“Nanoprecise is growing at an accelerated pace, and this is the right time for us to foster a long-term relationship with a team like CIBC Innovation Banking which has a global presence and range of products and services to meet our unique needs,” added Nouman Usami, VP of Finance, Nanoprecise.
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking, private banking, wealth management and capital markets businesses.
About Nanoprecise
Nanoprecise based in Edmonton, AB and founded in 2017, utilizes AI and machine learning to monitor the useful life of equipment and predict any required maintenance or issues, before they cause disruption to plant operations. The Company utilizes Internet of Things (IoT) + AI to increase safety, reduce unplanned outages and maintenance costs. The Company has approximately 100 employees with offices in Canada, India, the USA and throughout Europe.