MONTREAL–(BUSINESS WIRE)–March 2, 2020–
CIBC Innovation Banking is happy to announce a $1.5 million progress capital financing with good manufacturing facility analytics supplier Worximity Technology Inc. The debt capital can be used to assist the Montreal-based firm’s product diversification and enlargement into worldwide markets.
Founded in 2011, Worximity goals to contribute to the creation of good factories for the meals, beverage and shopper items industries. The know-how provided by Worximity connects gear and staff in processing services and gives real-time information and analytics into efficiency measurement. The information is leveraged by producers to generate insights into cost-saving alternatives.
“The team at CIBC Innovation Banking understands our vision relative to Internet of Things (IoT) but also Industry 4.0,” stated 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,” stated 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 recommendation, money administration and funding to North American innovation firms at every stage of their enterprise cycle, from begin as much as IPO and past. With places of work in Atlanta, Austin, Chicago, Denver, Menlo Park, Montreal, Reston, Toronto and Vancouver, the staff has intensive expertise and a powerful, collaborative method that extends throughout CIBC’s industrial banking and capital markets companies within the U.S. and Canada.
About Worximity Technology Inc.
Since its founding in 2011, Worximity Technology Inc. has served greater than 200 clients and has helped enhance the purchasers efficiency all through greater than 1,200 initiatives world wide because of its modern applied sciences that allow computerized information assortment, real-time monitoring, analytical views, predictive insights, machine studying and synthetic intelligence. The firm additionally performs a number one position in selling the commercial Internet of Things and Industry 4.0. For extra data, please go to www.worximity.com.
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Kathryn Lawler, Public Affairs, [email protected], 416-242-1943