SmartMat creator Podimetrics nabs $25m in debt funding from CIBC

CIBC Innovating Banking is the technology lending arm of Canadian bank CIBC.

  • Podimetrics created the SmartMat, an at-home mat that detects temperature changes in patient’s feet and provides alerts of potential health issues
  • The company plans to use the proceeds on the financing capital to expand its commercial operations

CIBC Innovation Banking has provided $25 million of debt financing to Podimetrics, a Somerville, Massachusetts-based clinical-care service company that helps prevent amputations in patients suffering from complex diabetes.

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.

Podimetrics plans to use the proceeds on the financing capital to expand its commercial operations.

“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, in a statement. “We are excited to work with a company dedicated to providing preventative care and helping reduce amputations in diabetic patients.”

CIBC Innovating Banking is the technology lending arm of Canadian bank CIBC. It has offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver.