MONTREAL--(BUSINESS WIRE)--CIBC Innovation Banking is pleased to announce it has closed a $7.5 million growth capital financing with Montreal-based Otodata Wireless Network Inc. (“Otodata”). This capital will be used to support the company’s product diversification and growth across North America.
Founded in 2008, Otodata designs, develops, and manufactures market leading remote sensing products and technologies for a multitude of sectors that use fuel and lubricant tanks. The unique monitoring software that accompanies the hardware allows the user to remotely monitor these types of tanks and provides insightful data, providing customers the opportunity to make cost-effective decisions for their business.
“We are very excited to work with CIBC Innovation Banking,” said Andre Boulay, President and Chief Executive Officer. “This capital will support our continued growth as we work to revolutionize the remote tank level monitoring industry and meet the evolving needs of fuel providers.”
"We are proud to be the financial partner of choice for Otodata,” said Eric Laflamme, Managing Director Quebec Region, CIBC Innovation Banking. “We were impressed by their products and focus on improving a customer’s ability to offer higher service levels while reducing their costs and minimizing their environmental footprint. The benefits are well understood by the market, which is demonstrated by the continued rapid growth of Otodata sales."
About Otodata Wireless Network Inc.
Founded in 2008 by Andre Boulay and Jason M. Gallovich, Otodata designs, develops, and manufactures award-winning tank level monitors, an inventory management portal, and a mobile app for fuel providers across North America. Otodata's unique low-cost monitor solution makes large-scale deployment affordable for all fuel providers.
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash management and funding to North American innovation companies at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Chicago, Denver, Menlo Park, Montreal, Reston, 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. and Canada.