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

November 23, 2022, 07:54 AM
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CIBC Innovation Banking provided a $25 million debt financing for Massachusetts-based Podimetrics Inc., 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.”

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