CIBC Innovation Banking provides C$3.5m facility to Nanoprecise

• Nanoprecise’s technology helps companies read and interpret data to effectively predict the remaining useful life of any machine or asset
• The company plans to use the funds raised for working capital purposes
• Earlier this year, Nanoprecise announced raising $10 million in Series B financing led by Export Development Canada

Nanoprecise Sci Corp, an Edmonton-based provider of artificial intelligence-enabled condition monitoring and prescriptive maintenance solutions, has raised a C$3.5 million debt financing facility.

The facility was provided by CIBC Innovation Banking, the technology lending arm of Canadian bank CIBC.

Nanoprecise’s technology helps companies read and interpret data to effectively predict the remaining useful life of any machine or asset. Its diagnostics provide early detection of changes in machine operations, helping reduce downtime and prevent production delays.

The company plans to use the funds raised for working capital purposes.

“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, in a statement. “Through its easy-to-use suite of products, Nanoprecise is helping companies save time and money with innovative technology.”

Earlier this year, Nanoprecise announced raising $10 million in Series B financing. Export Development Canada led the round with participation from Honeywell Ventures, NSK and EC Mergers & Acquisitions.

CIBC Innovation Banking provides funding to technology companies across North America, the UK, and select European countries at each stage of their business cycle, from startup to IPO and beyond.