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

CIBC Innovation Banking provided $25 million in debt financing to Massachusetts-based 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 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,” Matthew Scalo, CFO of Podimetrics, said.