Montreal, Canada-based Otodata Wireless Network has secured $7.5 million (€6.7 million) in growth capital financing from CIBC Innovation Banking.
Founded in 2008, Otodata designs, develops and manufactures remote sensing products and technologies for a range of sectors that use fuel and lubricant tanks, such as tank level monitors. The funding will be used to support the company’s product diversification and growth across North America.
Otodata’s monitoring software allows the user to remotely monitor fuel and lubricant tanks, providing insightful data that enables customs to make cost-effective decisions.
“We are very excited to work with CIBC Innovation Banking,” said Andre Boulay, president and CEO of Otodata. “This capital will support our continued growth as we work to revolutionise 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,” added Eric Laflamme, managing director of the Quebec Region at 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 minimising their environmental footprint. The benefits are well understood by the market, which is demonstrated by the continued rapid growth of Otodata sales."
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