CIBC Innovation Banking extended a $12.5 million credit facility to CollegeNET, a software provider to colleges and universities. CollegeNET will use the facility to further scale its business.
CollegeNET designs and builds on-demand software-as-a-service technologies used by colleges and universities for event and academic scheduling, recruitment and admissions management, AI/supercomputer video interviewing services, and electronic academic records delivery.
“Based on our new, patented StandOut technology, we can now scale video interviewing through AI/supercomputing to thousands of candidates while delivering the real candidate to employers and universities,” James Wolfston, CEO and founder of CollegeNET, said. “CIBC’s financing will help us accelerate our growth ambitions.”
“We are pleased to have been chosen by CollegeNet for their financing needs,” Jeremy Epstein, managing director and market lead at CIBC US Innovation Banking, said. “Our team recognizes the evolution in the college application and interview process and we are excited to provide this financing to support CollegeNET’s further growth.”
