CIBC Innovation Banking Provides $25M in Debt Financing to Podimetrics

Podimetrics Inc. is in a better financial position to expand its commercial operations, having received $25 million in debt financing from CIBC Innovation Banking.

“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.”
 
Founded in 2011, Podimetrics created the SmartMat, a U.S. Food and Drug Administration-cleared at-home mat that detects temperature changes in a 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,” Podimetrics Chief Financial Officer Matthew Scalo said.  
 
CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the U.K., and select European countries at each stage of their business cycle, from startup 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.
 
Podimetrics is an integrated clinical care services firm that aims to 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 U.s. Veterans Health Administration, Podimetrics has helped prevent amputations associated with complex diabetes.