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CIBC Innovation Banking Provides $25 Million in Debt Financing to Podimetrics, I...

 2 years ago
source link: https://venturebeat.com/business/cibc-innovation-banking-provides-25-million-in-debt-financing-to-podimetrics-inc/
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Press Release

CIBC Innovation Banking Provides $25 Million in Debt Financing to Podimetrics, Inc.

SOMERVILLE, Mass. & MENLO PARK, Calif.–(BUSINESS WIRE)–November 22, 2022–

CIBC Innovation Banking is pleased to announce a $25 million debt financing for Massachusetts-based Podimetrics Inc. (“Podimetrics”), an integrated clinical care service company that helps prevent amputations in patients suffering from complex diabetes. Podimetrics plans to use the growth capital to expand its commercial operations.

Founded in 2011, Podimetrics created the SmartMat™, an easy-to-use, at-home mat that detects temperature changes in patient’s feet and alerts Podimetrics’ clinical and patient support team of potential health issues. The company aims to drive broader adoption of the SmartMat™ to help improve care outcomes for at-risk patients dealing with diabetic foot ulcers.

“We look forward to working with CIBC Innovation Banking as we continue to provide our technology to patients with diabetes across the United States,” said Matthew Scalo, Chief Financial Officer, Podimetrics.

“CIBC Innovation Banking is proud to support Podimetrics as it continues to grow and help diabetic patients,” said Jeff Chapman, Head of North American Life Science and Healthcare, CIBC Innovation Banking. “We are excited to work with a company dedicated to providing preventative care and helping reduce amputations in diabetic patients.”

About CIBC Innovation Banking

CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, 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., Canada, the UK, and select European markets.

About Podimetrics

Podimetrics is the creator of the FDA-cleared SmartMat™ and integrated clinical care services that can help save the limbs and lives of complex diabetic patients. Through partnerships with regional and national health plans and at-risk providers, such as the Veterans Health Administration, Podimetrics has helped prevent amputations associated with complex diabetes. By combining cutting-edge technology with best-in-class clinical care services, Podimetrics earns high engagement rates from patients and allows clinicians to save limbs, lives, and money – all while keeping vulnerable populations healthy in their own homes. For more information, visit podimetrics.com or follow us on LinkedIn and Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221115006320/en/

Katarina Milicevic, [email protected], 416-784-6108

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