CIBC Innovation Banking has provided US$4 million in growth financing to Pleasanton, California-based Redica Systems, a cloud-based regulatory and compliance platform for industries like food manufacturing, medical devices and pharmaceuticals. Redica’s backers included Rock Creek Capital.
CIBC Innovation Banking Provides Redica Systems With a $4 million Growth Capital Financing
December 09, 2020
PLEASANTON & MENLO PARK, Calif.–(BUSINESS WIRE)–CIBC Innovation Banking is pleased to announce a $4 million growth capital financing for Pleasanton-based Redica Systems (formerly Govzilla), a cloud-based regulatory and compliance platform that provides data and insights to quality and safety professionals in regulated industries globally.
Redica Systems enables pharma, medical device and food manufacturers to use data and AI to reduce risk in large manufacturing environments and ensure regulatory compliance. The company’s unique platform provides customers with insights to continuously improve compliance, reduce supplier risk and increase team efficiency.
“Redica Systems helps simplify the complex world of regulations and enforcement,” said Kevin Grossman, Managing Director in CIBC Innovation Banking’s Denver office. “We’re impressed with the wide adoption of Redica’s platform and excited to help them continue their growth.”
“We have worked closely with our customers in order to shape Redica’s strategic focus, which involves using actionable data intelligence to build up to an entirely new way of thinking about, simplifying, and guiding regulatory compliance,” said Michael de la Torre, Redica Systems Chief Executive Officer. “Now, we are excited to work with CIBC Innovation Banking to fund that strategy and our continued growth.”
Existing Redica Systems investors include Rock Creek Capital.
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, New York, 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.
About Redica Systems
Redica Systems is a technology company using data, analytics and expertise to deliver meaningful insights to quality and safety professionals around the world. By applying artificial intelligence to large and disparate government and customer data sets, Redica empowers its customers to improve compliance, increase product quality, and build a more efficient organization using the first and only quality and regulatory intelligence (QRI) platform. Founded in 2010, Redica serves over 200 customers in the pharma, medical devices and food industries, including 19 of the top 20 pharma companies and 9 of the 10 top medical devices companies. Its headquarters are in Pleasanton, CA. More information is at redica.com.
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