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CIBC Innovation Banking Provides $3.5MM Debt Facility to Nanoprecise Science

October 02, 2023, 06:00 AM
Filed Under: Technology

CIBC Innovation Banking 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.

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