CIBC Innovation Banking provided a $3.5 million debt financing facility to Edmonton, AB-based Nanoprecise, which plans to use the funds for working capital purposes.
With offices in Canada, the U.S., India and Europe, Nanoprecise is an automated artificial-intelligence-based maintenance solution provider that helps companies read and interpret data to predict the remaining useful life of any machine or asset. Nanoprecise’s diagnostics provide early detection of changes in machine operations, with the goal of 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,” Sunil Vedula, CEO at Nanoprecise, said.
“We are very excited to work with Nanoprecise as it continues to expand across Canada and abroad,” Joe Timlin, managing director of CIBC Innovation Banking, said. “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,” Nouman Usami, vice president of finance at Nanoprecise, said.
