MONTREAL–(BUSINESS WIRE)–CIBC Innovation Banking is pleased to announce a $1.5 million growth capital financing with smart factory analytics provider Worximity Technology Inc. The debt capital will be used to support the Montreal-based company’s product diversification and expansion into international markets.
Founded in 2011, Worximity aims to contribute to the creation of smart factories for the food, beverage and consumer goods industries. The technology offered by Worximity connects equipment and employees in processing facilities and provides real-time data and analytics into performance measurement. The data is leveraged by manufacturers to generate insights into cost-saving opportunities.
“The team at CIBC Innovation Banking understands our vision relative to Internet of Things (IoT) but also Industry 4.0,” said Yannick Desmarais, Founder and Chief Executive Officer of Worximity. “They have been able to provide us with the financial backing that will support our growth across new markets.”
“The simplicity and scalability of their platform impressed our team, particularly how the solution leverages machine learning and AI to develop meaningful operational insights,” said Eric Laflamme, Managing Director Quebec Region, CIBC Innovation Banking. “We are proud to support the team as they expand across the globe.”
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash management and funding to North American innovation companies at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Chicago, Denver, Menlo Park, Montreal, Reston, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses in the U.S. and Canada.
About Worximity Technology Inc.
Since its founding in 2011, Worximity Technology Inc. has served more than 200 customers and has helped improve the clients performance throughout more than 1,200 projects around the world thanks to its innovative technologies that enable automatic data collection, real-time monitoring, analytical views, predictive insights, machine learning and artificial intelligence. The company also plays a leading role in promoting the industrial Internet of Things and Industry 4.0. For more information, please visit www.worximity.com.